TaxTMI 
TaxTMI 
Execution of a Common Bond for specified Export Promotion (EP) schemes-reg.
X X X X Extracts X X X X
X X X X Extracts X X X X
....nsaction Cost in Exports set up by the Government. The report submitted in January, 2011, recommended that the authorization holders may be permitted to execute a single running bond with Customs authorities for all their imports under any Export Promotion (EP) scheme, from any port in India. The recommendation of the Task Force has since been accepted by the Government. 3. Since the authorization holders have to execute bonds against each authorization under specified EP schemes i.e. Advance Authorization / Duty Free Import Authorization (DFIA) and Export Promotion Capital Goods (EPCG) scheme, it has been decided that henceforth the authorization holders may execute only one common bond for all their exports/imports under the above mentioned EP schemes. This bond shall be called the "Common Bond for EP schemes". The bond shall be executed on the stamp paper of requisite denomination. The salient features of the facility of the Common Bond for EP Schemes are as under:- (i) The facility shall be available to all fresh authorizations issued under the above mentioned EP schemes on or after 1st March, 2011. (ii) This facility shall be availab....
X X X X Extracts X X X X
X X X X Extracts X X X X
....the assessing officer. This unique bond number shall be entered in the system and shall link the authorization with the common bond. If the common bond has not been executed, then the authorization holder may choose to do so; or else continue with the present practice of executing different bonds for different authorizations. The authorization holder shall give an undertaking to the Customs authorities, at the time of registration, that the authorization is not registered elsewhere. (viii) The bond value shall be decided by the authorization holder keeping in mind the likely imports against authorizations issued in that financial year. Once a common bond has been executed and the authorization registered against it, the imports against such authorization shall be permitted as per the time limits prescribed in the concerned EP scheme. If the bond value is exhausted, it shall be topped up by the authorization holder at the port where the common bond was executed. At the time of topping up, the authorization holder shall ensure that the stamp duty applicable to new bond is paid. For this purpose, the authorization holder shall furnish a crossed stamp paper of requisite d....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... of Entry. The EDI system shall check whether the IEC number of the importer, the IEC of the bond holder (the person who has executed the bond) and the IEC of the Authorization holder are same and shall only permit imports, thereafter. The system shall debit the common bond Authorization wise. (xiii) The authorization holder, at the time of export, shall indicate the authorization number in his Shipping Bill. The authorization holder shall fulfill the export obligation and comply with all the conditions stipulated in relevant Customs notifications and the Foreign Trade Policy under which the goods have been imported. Although the primary responsibility of monitoring the EO under the above mentioned schemes lies with the RA/DGFT officials, the Customs officers at the port where the authorizations have been registered shall also monitor the Export Obligation (EO) under these schemes in terms of the conditions of the relevant Customs Notifications and the Board's circulars and instructions issued from time to time. Once the Export Obligation Discharge Certificate (EODC) is received from the DGFT for an authorization the Customs officials at the port where the....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ort Authorization (DFIA) / Export Promotion Capital Goods (EPCG) scheme. For surety bond [I/We ...................................of............................ hereinafter called "the obligor(s)" and ................................ of.........................hereinafter called "the surety(ies)" am/are held and firmly bound to the President of India (hereinafter called the "President") in the sum of.................... rupees to be paid to the President for which payment will and truly to be made/ I/We jointly and severally bind myself/ourselves and my/our respective heirs, executors/administrators, legal representatives/successors and assigns by these presents] : For security Bond For security bond I/We.................of....................hereinafter called "obligor(s)"am/are held and firmly bound to the President of India (hereinafter called "the President") in the sum of.....................rupees to be paid to the President of India for which ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... holding registration No. _____________ dated _____________ with the (name and address of the registering Central Excise authority to be mentioned) ____________________ as supporting manufacturers . WHEREAS I /we the obligor(s) has/ have undertaken to fulfil the export obligation as specified in the said notifications and the authorizations and to produce evidence of having so fulfilled the export obligation within the time period as stipulated in the relevant Customs notification from the expiry of the specified Export Obligation period to the satisfaction of the Government. Now the conditions of this Bond are that 1. I / we, the obligor(s) shall observe all the terms and conditions of the said notification(s) in respect of imports from time to time; 2. I / we, the obligor(s) shall observe all the terms and conditions specified in the authorizations. 3. I / we, the obligor(s), shall fulfil the export obligation as specified in the said notification(s) and the authorizations and shall produce evidence of having so fulfilled the export obligation within the time period as stipulated in the relevant Cust....
X X X X Extracts X X X X
X X X X Extracts X X X X
....be performed or discharged by the obligor(s) nor shall it be necessary to sue the obligor(s) before suing the surety for amounts hereunder; For security bond only AND the President shall, at his option, be competent to make good all the loss and damages from the amount of the security deposit or by endorsing his rights under the above-written bond or the both; And the President of India shall, at his option, be competent to make good all the loss and damage by endorsing his rights under the above written bond. In these presents the words imposing singular only shall also include the plural and vice versa where the context so requires; IN THE WITNESS THEREOF these presents have been signed the day hereinbefore written by the obligor(s) and the surety(ies). In these presents the words imposing singular shall also include the plural and vice-versa where the context so requires. IN WITNESS HEREOF these presents have been signed this day ______________ of ___________20 _______ herein before written by the obligor(s) and the surety (ies). Place: Date: (Signature of the Obligor) Witness (1) name and address (1)  ....