Project import security: cash security replaced by bank guarantee requirement, renewable until proof of utilisation/installation is filed. Cash security under Project Import Regulations is discontinued; a bank guarantee equivalent to two percent of the CIF value, subject to a cap, must be furnished on project contract registration and supported by an undertaking to renew it until contract finalisation. Renewal need not continue after a short period following submission of proof of utilisation or installation from the jurisdictional central excise or other specified authority. Exemption for Government departments and public sector undertakings remains unchanged.
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Provisions expressly mentioned in the judgment/order text.
Project import security: cash security replaced by bank guarantee requirement, renewable until proof of utilisation/installation is filed.
Cash security under Project Import Regulations is discontinued; a bank guarantee equivalent to two percent of the CIF value, subject to a cap, must be furnished on project contract registration and supported by an undertaking to renew it until contract finalisation. Renewal need not continue after a short period following submission of proof of utilisation or installation from the jurisdictional central excise or other specified authority. Exemption for Government departments and public sector undertakings remains unchanged.
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