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of <h1>Customs Circular Tightens Bond & Bank Guarantee Norms for Advance Licence & EPCG Schemes to Curb Fraud.</h1> The circular from the Office of the Chief Commissioner of Customs outlines revised norms for executing Bonds and Bank Guarantees (BG) under the Advance Licence and EPCG Schemes due to reported frauds. Importers in certain regions were found to have exploited BG exemptions using forged documents. New norms stipulate that certain categories, such as recognized status holders and manufacturers with significant exports, are exempt from BG, while others must provide 100% BG. Conditions for BG exemption include no prior defaults, submission of verified export performance certificates, and no penalties under relevant laws. Joint bonds are allowed for subsidiaries with parent companies holding over 50% share. The circular mandates maintaining BG records and ensuring timely renewals.
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