TaxTMI 
TaxTMI 
Amendment to Circular No. 54/2004-Customs dated 13.10.2004 regarding waiver from the requirement of Bank Guarantee in respect of EOUs
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....lhi dated 12 August, 2011. To All Chief Commissioners of Customs / Customs (Prev) All Chief Commissioners of Customs & Central Excise All Commissioners of Customs / Customs (Prev) All Commissioners of Customs (Appeals) All Commissioners of Customs & Central Excise All Commissioners of Customs & Central Excise (Appeals) Sub:- Waiver from the requirement of Bank Guarantee in ....
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....s having an unblemished track record. Accordingly, this was implemented by issue of instructions vide para 19 of the aforesaid Board's Circular No. 54/2004-Customs. 3. It has been brought to the notice of the Board that one of the conditions relating to 'unblemished track record' for grant of such exemption from furnishing bank guarantee to 100% EOUs has been changed in the annual FTP amendment....
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....t least three years; and (iii)The unit: (a) has achieved positive NFE / export obligation wherever applicable; (b) has not been issued a show cause notice or a confirmed demand, during the preceding 3 years, on grounds other than procedural violations, under the penal provision of the Customs Act, the Central Excise Act, the Foreign Trade (Development & Regulation) Act, the Foreign Exchan....
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....e entitlements of bank guarantee waiver granted under para 6.12(f). 4.2 It could be seen from the provisions of para 6.12(f) sub-para (iii)(b) of FTP, that the prescribed condition clearly excludes show cause notices or cases booked for procedural violations. Hence, the entitlement of bank guarantee exemption to 100% EOUs / EHTP / STP / BTP units shall be denied only in cases involving fraud/ c....