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of <h1>Bank Guarantees Confirmed as Security for Central Excise Bonds, Resolving Confusion from 1984 Instructions.</h1> The circular clarifies the use of bank guarantees as a form of security for Central Excise bonds. Previously, conflicting instructions from 1984 had caused confusion regarding whether bank guarantees were considered security or surety. After consulting with the Ministry of Law, the Central Board of Excise and Customs confirmed that a bank guarantee is indeed a form of security. Consequently, the earlier instructions suggesting otherwise have been withdrawn. This decision aims to eliminate ambiguity and streamline the process for furnishing securities in compliance with Central Excise requirements.
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