Relaxation from submitting bonds with a view to expedite Customs clearance of goods and for maintaining balance between Customs control and facilitation of legitimate trade, in the event of COVID pandemic.

Relaxation from submitting bonds with a view to expedite Customs clearance of goods and for maintaining balance between Customs control and facilitation of legitimate trade, in the event of COVID pandemic. https://www.taxtmi.com/circulars?id=63838 Temporary relaxation allows specified importers/exporters to furnish a signed undertaking in lieu of prescribed bonds to expedite Customs clearance during the COVID disruption. The undertaking must replicate bond content, be submitted by the IEC holder via registered email, and include a commitment to submit the formal bond by the stipulated deadline. The measure does not waive required security; Customs may demand security in suitable form. Eligible categories include Government/PSUs, manufacturer/actual user importers, Authorized Economic Operators, status holders, and warehouse users. Movement of warehoused goods or change of ownership after warehousing is limited to these categories, and field formations must record all relaxations. en-us Fri, 03 Apr 2020 00:00:00 +0530 Thu, 30 Apr 2020 09:56:00 +0530 TaxTMI RSS Generator Relaxation from submitting bonds with a view to expedite Customs clearance of goods and for maintaining balance between Customs control and facilitation of legitimate trade, in the event of COVID pandemic. https://www.taxtmi.com/circulars?id=63838 Temporary relaxation allows specified importers/exporters to furnish a signed undertaking in lieu of prescribed bonds to expedite Customs clearance during the COVID disruption. The undertaking must replicate bond content, be submitted by the IEC holder via registered email, and include a commitment to submit the formal bond by the stipulated deadline. The measure does not waive required security; Customs may demand security in suitable form. Eligible categories include Government/PSUs, manufacturer/actual user importers, Authorized Economic Operators, status holders, and warehouse users. Movement of warehoused goods or change of ownership after warehousing is limited to these categories, and field formations must record all relaxations. Circulars Customs Fri, 03 Apr 2020 00:00:00 +0530 https://www.taxtmi.com/circulars?id=63838