Relaxation of bond requirements allows undertakings instead of prescribed customs bonds, subject to conditions and later formal bond replacement. Temporary relaxation permits undertakings in lieu of prescribed customs bonds to expedite clearance; applicable to government undertakings, manufacturers/actual users, Authorized Economic Operators, status holders, and warehouse users. Undertakings must mirror bond content, be signed by the IEC holder on business letterhead, sent from the registered IEC email or authorised broker, and commit to submitting the proper notarised bond by 07.05.2020. Undertakings do not replace mandated security, which must be furnished as required. Post-warehousing movements or ownership changes are restricted to manufacturers/actual users, AEOs or status holders. Bond section must record undertakings and ensure formal bonds replace them within the stipulated period.
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.
Relaxation of bond requirements allows undertakings instead of prescribed customs bonds, subject to conditions and later formal bond replacement.
Temporary relaxation permits undertakings in lieu of prescribed customs bonds to expedite clearance; applicable to government undertakings, manufacturers/actual users, Authorized Economic Operators, status holders, and warehouse users. Undertakings must mirror bond content, be signed by the IEC holder on business letterhead, sent from the registered IEC email or authorised broker, and commit to submitting the proper notarised bond by 07.05.2020. Undertakings do not replace mandated security, which must be furnished as required. Post-warehousing movements or ownership changes are restricted to manufacturers/actual users, AEOs or status holders. Bond section must record undertakings and ensure formal bonds replace them within the stipulated period.
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