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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....(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. I am directed to refer to the subject mentioned above and to say that a re....

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....as 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 provided under Para 5.7(a) of the EXIM Policy. As there is no duty obligation on importers of such 3. goods subject to furnishing of an Undertaking it has been decided....