Bond requirement for VABL imports updated: interest added on clearance and bond waived after export obligation discharge. The amendment requires payment together with interest at the rate of 24% per annum from the date of clearance of the materials, provides that a Bond is not necessary for imports made after discharge of the export obligation in full, requires evidence of discharge of export obligation to the satisfaction of the Assistant Commissioner of Customs, and mandates that a Bond in terms of the notification be executed before clearance of goods from customs.
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Provisions expressly mentioned in the judgment/order text.
Bond requirement for VABL imports updated: interest added on clearance and bond waived after export obligation discharge.
The amendment requires payment together with interest at the rate of 24% per annum from the date of clearance of the materials, provides that a Bond is not necessary for imports made after discharge of the export obligation in full, requires evidence of discharge of export obligation to the satisfaction of the Assistant Commissioner of Customs, and mandates that a Bond in terms of the notification be executed before clearance of goods from customs.
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