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?
Old Bank Guarantees for Imports Can Be Released Post-Status Upgrade with Export Obligation Discharge Certificate An individual inquired about the possibility of releasing old bank guarantees (BGs) submitted to customs for importing goods under Advance Authorisation or EPCG, following their company's recent attainment of Export House status, which allows import clearance without BGs. A respondent clarified that the old BGs pertain to the period before the company became a Status Holder, and they can be released after obtaining an Export Obligation Discharge Certificate (EODC). (AI Summary)
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