Bank guarantee exemption for Advance Authorisation and EPCG licences depends on truthful disclosure of past penalties. Authorisation holders and Customs Brokers seeking exemption from bank guarantee or cash security for registration of Advance Authorisation and EPCG licences must submit a complete, true, and correct declaration or affidavit regarding penalty history. The exemption is available only if the licence holder has not been penalized under the Customs Act, the Central Excise Act, FEMA, or the Foreign Trade (Development and Regulation) Act during the previous three financial years. Any false or misleading declaration may attract penal action under the Customs Act, including section 117.
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 for Advance Authorisation and EPCG licences depends on truthful disclosure of past penalties.
Authorisation holders and Customs Brokers seeking exemption from bank guarantee or cash security for registration of Advance Authorisation and EPCG licences must submit a complete, true, and correct declaration or affidavit regarding penalty history. The exemption is available only if the licence holder has not been penalized under the Customs Act, the Central Excise Act, FEMA, or the Foreign Trade (Development and Regulation) Act during the previous three financial years. Any false or misleading declaration may attract penal action under the Customs Act, including section 117.
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