Dear sir,
We are Mfg of Chemical and pharma product and wants to procure materials under Customs (Import of goods at concessional rate of duty for manufacturing of excisable goods) rules,1996.
We are also three start status holder export house, can we require bank guarantee for above facility ??
If we have not require bank guarantee, please provide related notification with condition .
Advance thanks for provide valuable feedback .
regards,
SNE
Pharmaceutical company exempt from bank guarantee for duty-free imports; Legal Undertaking and bond required under Customs rules. A chemical and pharmaceutical manufacturing company inquired about the necessity of a bank guarantee for duty-free material procurement under the Customs rules of 1996. As a three-star status holder export house, they sought clarification on whether a bank guarantee was required. A respondent clarified that as a status holder, the company does not need to execute a bank guarantee for duty-free imports under an Advance Authorisation. Instead, they should provide a Legal Undertaking and a bond to customs authorities. Relevant references include the Foreign Trade Policy and Customs Circulars, which confirm the exemption for status holders. (AI Summary)
TaxTMI 
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