Refund of Bank Guarantee

[Guest]

As you are all aware, importers need to submit a bank guarantee or deposit with customs upon import of goods against Advance Authorisation or EPCG.

My company has made quite a few deposits over the years against various machines. Recently we received an Export House status and since then as per FTP we are eligible to clear imports without any BG.

Is it also possible to get our old BGs released on the basis of the status house certification? And if so, what is the process?

[YAGAY andSUN]

No, the BG are related for the period when you were not a Status Holder.  You can get your old BGs after EODC.

AI Summary

Bank guarantee release: earlier guarantees remain until export obligations are discharged and an EODC is issued. Importers under Advance Authorisation and EPCG must furnish bank guarantees at import; Export House status allows prospective clearance without new guarantees but does not release guarantees given earlier. Old guarantees remain tied to the period before status was granted and will be released only after fulfillment of export obligations and issuance of the Export Obligation Discharge Certificate (EODC).