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

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....000-Cus.(TU) Government of India Ministry of Finance (Department of Revenue) Central Board of Excise & Customs, New Delhi Subject :- 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.   &nb....

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....tail inter alia that the contractor/importer produces an undertaking binding him to pay any duty, fine or penalty that may become payable. The Ministry of Petroleum & Natural Gas has written to Board in this regard stating that import of such goods under PSC may be cleared on the basis of the essentiality certificates issued by the Directorate of Hydro Carbons by accepting an LUT in place of BG as....