Bank guarantee classified as security clarifies treatment for excise bonds and ensures consistency with legal advice; prior guidance withdrawn. Following consultation with the Ministry of Law, the Board accepts that a bank guarantee constitutes a form of security for Central Excise bonds and ... Summary
Bank guarantee classified as security clarifies treatment for excise bonds and ensures consistency with legal advice; prior guidance withdrawn.
Following consultation with the Ministry of Law, the Board accepts that a bank guarantee constitutes a form of security for Central Excise bonds and treats the earlier instruction characterizing bank guarantees as a form of surety as withdrawn.
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