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of <h1>New Norms for Bank Guarantees under Advance License & EPCG Schemes; Possible Waiver by Customs Commissioner.</h1> The public notice outlines updated norms for executing bank guarantees under the Advance License and Export Promotion Capital Goods (EPCG) Schemes. It references Circular No. 58/2004-Customs, which stipulates that bank guarantee exemptions are conditional upon the license holder not having been penalized in the past three financial years. If penalized, a 100% bank guarantee becomes mandatory. To address issues where exemptions are denied despite no revenue risk, a new provision allows the jurisdictional Commissioner of Customs to waive the 100% guarantee requirement if satisfied that there is no revenue risk. Any implementation difficulties should be reported to the Appraising Main (Export) Section.
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