Bank guarantee exemption: Commissioner may waive full BG requirement when satisfied there is no risk to revenue. An amendment to Circular No. 58/2004-Cus permits the jurisdictional Commissioner of Customs, for reasons recorded on file, to conclude that a full bank guarantee is not justified where there is an absence of risk to revenue; this applies when the existing penalisation-based condition for reduced BG exemption is not met, allowing a discretionary waiver of the full-security requirement for Advance Licence and EPCG schemes.
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.
Bank guarantee exemption: Commissioner may waive full BG requirement when satisfied there is no risk to revenue.
An amendment to Circular No. 58/2004-Cus permits the jurisdictional Commissioner of Customs, for reasons recorded on file, to conclude that a full bank guarantee is not justified where there is an absence of risk to revenue; this applies when the existing penalisation-based condition for reduced BG exemption is not met, allowing a discretionary waiver of the full-security requirement for Advance Licence and EPCG schemes.
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