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of <h1>Customs Act Section 143AA: Temporary Relief for Importers & Exporters During COVID-19 with Undertakings Instead of Bonds.</h1> The circular addresses the challenges faced by importers and exporters during the COVID-19 lockdown in obtaining notarized stamp papers for customs bonds. To facilitate trade, temporary measures under section 143AA of the Customs Act, 1962, relax the requirement to submit bonds until April 30, 2020. Instead, importers and exporters can provide an undertaking, with specific conditions, in lieu of a bond. This applies to government entities, manufacturers, authorized economic operators, and status holders. The undertaking must be replaced with a proper bond by May 7, 2020. The circular also allows for case-by-case consideration for other importers and exporters.
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