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of <h1>Customs Rules 2017 Update: Easier Surety/Security Norms for Importers; Benefits for Electronics Manufacturers; Exemptions for Clean Records.</h1> The circular provides clarification on the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017, addressing the requirement for importers to submit surety or security to avail duty exemptions. It acknowledges challenges faced by domestic industries, particularly electronic hardware manufacturers, due to increased transaction costs. To simplify procedures, the norms for taking security/surety have been eased. Different categories of importers are outlined with specific requirements for bank guarantees or cash security. Importers with no prosecution history in the past three years may qualify for exemptions. The circular also allows for consignment-wise bank guarantees to reduce financial burdens.
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