Corporate insolvency resolution process amended with expanded disclosure, guarantor asset transfer rules, and new dissolution and restoration procedur...
Authorisation Holders and Customs Brokers seeking exemption from bank guarantee or cash security for Advance Authorisation/EPCG registration must file complete and truthful declarations confirming whether any penalty was imposed during the previous three financial years under the Customs Act, Central Excise Act, FEMA, or the Foreign Trade (Development and Regulation) Act. The notice records that incorrect or incomplete declarations, including omission of past Customs penalties, amount to misrepresentation and may attract penal action under the Customs Act, including section 117. The prescribed disclosure format requires details of the penalty order, authority, amount, provision invoked, and appeal status.
Authorisation Holders and Customs Brokers seeking exemption from bank guarantee or cash security for Advance Authorisation/EPCG registration must file complete and truthful declarations confirming whether any penalty was imposed during the previous three financial years under the Customs Act, Central Excise Act, FEMA, or the Foreign Trade (Development and Regulation) Act. The notice records that incorrect or incomplete declarations, including omission of past Customs penalties, amount to misrepresentation and may attract penal action under the Customs Act, including section 117. The prescribed disclosure format requires details of the penalty order, authority, amount, provision invoked, and appeal status.
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