Bank guarantee requirement secures duty exemption for imported gold and obliges custodial accountability and recovery on export default. Designated importers may store imported gold in private bonded warehouses and allow ex bond clearance to exporters who execute prescribed bonds secured by a bank guarantee; MMTC must safeguard the gold, deliver it only against assessed ex bond Bills of Entry, maintain detailed records and notify Customs of pending exports, while Customs may encash guarantees and recover duty where exporters fail to meet export obligations.
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 requirement secures duty exemption for imported gold and obliges custodial accountability and recovery on export default.
Designated importers may store imported gold in private bonded warehouses and allow ex bond clearance to exporters who execute prescribed bonds secured by a bank guarantee; MMTC must safeguard the gold, deliver it only against assessed ex bond Bills of Entry, maintain detailed records and notify Customs of pending exports, while Customs may encash guarantees and recover duty where exporters fail to meet export obligations.
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