Letter of Undertaking eligibility expanded for exporters; bond and bank guarantee requirements and expedited processing clarified. Eligibility for a Letter of Undertaking (LUT) is extended to registered exporters who received foreign inward remittances amounting to at least 10% of export turnover and above the prescribed minimum, or who are recognised status holders; LUTs are valid for twelve months, accepted on letterhead with signature and seal, may be accepted on self-declaration subject to post-facto verification, and must be processed within three working days. Exporters ineligible for LUT must furnish a running bond; a bank guarantee may be required at the Commissioner's discretion, normally not exceeding a specified fraction of the bond.
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Provisions expressly mentioned in the judgment/order text.
Letter of Undertaking eligibility expanded for exporters; bond and bank guarantee requirements and expedited processing clarified.
Eligibility for a Letter of Undertaking (LUT) is extended to registered exporters who received foreign inward remittances amounting to at least 10% of export turnover and above the prescribed minimum, or who are recognised status holders; LUTs are valid for twelve months, accepted on letterhead with signature and seal, may be accepted on self-declaration subject to post-facto verification, and must be processed within three working days. Exporters ineligible for LUT must furnish a running bond; a bank guarantee may be required at the Commissioner's discretion, normally not exceeding a specified fraction of the bond.
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