Execution of Legal Undertaking (LUT) in place of Bank Guarantee (BG) for import of goods by importers who have signed production Sharing Contract (PSC) with the Government of India on re-export basis under para 5.7 (a) of EXIM Policy

Execution of Legal Undertaking (LUT) in place of Bank Guarantee (BG) for import of goods by importers who have signed production Sharing Contract (PSC) with the Government of India on re-export basis under para 5.7 (a) of EXIM Policy – Reg https://www.taxtmi.com/circulars?id=1283 Acceptance of a Legal Undertaking (LUT) in lieu of a Bank Guarantee (BG) is authorised for imports by Production Sharing Contract holders on a re export basis under the EXIM Policy. Specified petroleum operation goods are duty exempt subject to an undertaking to pay any duty, fine or penalty; essentiality certificates from the Directorate of Hydrocarbons support clearance. Customs are directed to accept LUTs and not insist on BGs for such imports, and to report any difficulties to the Board. en-us Wed, 29 Nov 2000 00:00:00 +0530 Sun, 20 Jan 2008 18:22:00 +0530 TaxTMI RSS Generator Execution of Legal Undertaking (LUT) in place of Bank Guarantee (BG) for import of goods by importers who have signed production Sharing Contract (PSC) with the Government of India on re-export basis under para 5.7 (a) of EXIM Policy – Reg https://www.taxtmi.com/circulars?id=1283 Acceptance of a Legal Undertaking (LUT) in lieu of a Bank Guarantee (BG) is authorised for imports by Production Sharing Contract holders on a re export basis under the EXIM Policy. Specified petroleum operation goods are duty exempt subject to an undertaking to pay any duty, fine or penalty; essentiality certificates from the Directorate of Hydrocarbons support clearance. Customs are directed to accept LUTs and not insist on BGs for such imports, and to report any difficulties to the Board. Circulars Customs Wed, 29 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/circulars?id=1283