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of <h1>Customs Department Updates Bank Guarantee Format Under Customs Act 1962; Mandates Automatic Extension Clause for Compliance.</h1> The Customs Department has revised the format for bank guarantees required under the Customs Act 1962, mandating an automatic extension clause. This aligns with the Reserve Bank of India's Master Circular, which requires bank guarantees to include a self-renewal provision. This change ensures that guarantees issued for customs purposes automatically extend, similar to those for the Directorate General of Supplies and Disposals. A model form for the bank guarantee bond is provided for new guarantees, and existing guarantees should be updated to include this extension clause.
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