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of <h1>New Circular Sets Format for Bank Guarantees on Goods Cleared Under Court Orders, Ensures Validity Until Case Resolution.</h1> The circular issued by the Central Board of Excise & Customs outlines the format for bank guarantees required from central excise assessees when goods are cleared under court orders. This follows recommendations from the Public Accounts Committee, ensuring that such guarantees remain valid until the court case is resolved and are enforceable immediately upon the court's decision. The bank guarantee must cover 100% of the differential duty claimed and remain in force until six months after the case's disposal. The circular mandates immediate compliance and informs the trade and banks of the new requirements.
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