Letter of Undertaking eligibility: exporters meeting foreign remittance and status-holder criteria may use LUT; expedited acceptance ensured. Clarifies that any registered person meeting specified foreign inward remittance thresholds in the preceding financial year, and status holders irrespective of remittance, are eligible to furnish a Letter of Undertaking (LUT) in place of a bond. LUTs are to be submitted on letterhead; bonds on stamp paper. LUT/bond submissions must be prioritised and accepted within a short prescribed period. Bank guarantees should normally not exceed a prescribed proportion and may be waived by the Commissioner in specified circumstances; self-declarations and supporting documents are acceptable unless contested.
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.
Letter of Undertaking eligibility: exporters meeting foreign remittance and status-holder criteria may use LUT; expedited acceptance ensured.
Clarifies that any registered person meeting specified foreign inward remittance thresholds in the preceding financial year, and status holders irrespective of remittance, are eligible to furnish a Letter of Undertaking (LUT) in place of a bond. LUTs are to be submitted on letterhead; bonds on stamp paper. LUT/bond submissions must be prioritised and accepted within a short prescribed period. Bank guarantees should normally not exceed a prescribed proportion and may be waived by the Commissioner in specified circumstances; self-declarations and supporting documents are acceptable unless contested.
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