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of <h1>Common Bond Simplifies Import Processes Under Export Promotion Schemes, Reduces Costs and Streamlines Clearance at Indian Ports.</h1> The circular from the Commissioner of Customs, Chennai, informs stakeholders about the execution of a Common Bond for all imports under Export Promotion schemes from any Indian port. This bond allows for streamlined import processes by reducing the need for multiple bonds and associated costs. The bond value is determined by the authorization holder and can be topped up as needed. Bank Guarantees can be furnished incrementally rather than upfront. Stakeholders, including Custom Brokers, are encouraged to educate importers about this process to facilitate easier import clearance. Any difficulties or suggestions should be reported to the office.
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