Bank guarantee monitoring: authorities must maintain BG registers and decide enforcement or revalidation before expiry. Regional Authorities must monitor Bank Guarantees under the Foreign Trade Policy and Handbook of Procedures by maintaining a Bank Guarantee Register for BGs with outstanding export obligations or unredeemed status; the Register is to be reviewed monthly by supervisory officers. RAs must initiate extensions or enforcement of BGs well before expiry, and the decision to enforce or extend a BG-having revenue implications-must be taken by the Head of the Office. RAs must endorse authorisations to require Customs to release or redeem BG/LUT only after receipt of NOC or End Use Documentation and forward such endorsements to Customs at the port of registration.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Bank guarantee monitoring: authorities must maintain BG registers and decide enforcement or revalidation before expiry.
Regional Authorities must monitor Bank Guarantees under the Foreign Trade Policy and Handbook of Procedures by maintaining a Bank Guarantee Register for BGs with outstanding export obligations or unredeemed status; the Register is to be reviewed monthly by supervisory officers. RAs must initiate extensions or enforcement of BGs well before expiry, and the decision to enforce or extend a BG-having revenue implications-must be taken by the Head of the Office. RAs must endorse authorisations to require Customs to release or redeem BG/LUT only after receipt of NOC or End Use Documentation and forward such endorsements to Customs at the port of registration.
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