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of <h1>New Circular Details Exemptions for Bonds and Bank Guarantees in Advance Licence and EPCG Schemes; Highlights Key Conditions.</h1> The circular outlines the norms for executing bonds and bank guarantees under the Advance Licence and EPCG Schemes. It specifies that certain categories of importers, such as recognized trading houses and manufacturers with significant export or excise duty records, are exempt from providing bank guarantees. Conditions for exemption include a clean record of fulfilling export obligations and no penalties under various trade and customs laws. The circular also allows for joint bonds between parent and subsidiary companies under specific conditions. It emphasizes proper maintenance of bond and guarantee records and mandates timely renewal to avoid enforcement actions. The circular supersedes a previous notice.
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