Waiver of Bank Guarantee

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....aiver of Bank Guarantee<br> Query (Issue) Started By: - RAMESH ANANTHAKRISHNAN Dated:- 2-3-2011 Last Reply Date:- 2-3-2011 Central Excise<br>Got 1 Reply<br>Central Excise<br>Dear Sir, We are an 100% ....

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....EOU. Till last year our unit was under Customs control and now it is changed into Central Excise control. Initially we have executed a B17 bond with Bank Guarantee. Since the imports are increased we ....

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....would like to execute a further bond. Now the issue is Excise Authorities are insisting us to arrange a BG with 2 years validity and also further 2 years claim period whereas the banker is not accepti....

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....ng this further 2 years clause as the standard condition is only 6 months after validity of the BG. We are also a member in Export Promotion Council. Our turnover crossed Rs.5 Crores only from the cu....

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....rrent year (2010-11) . In this situation is there any notification to waive BG. If so kindly advise. Reply By CA Rachit Agarwal: The Reply: You have to convince your banker. BG can be issued for the....

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.... period of 2 years. You have to get the sanction of limits with your bank for allowing open such BG<br> Discussion Forum - Knowledge Sharing ....