Guidelines on monitoring/revalidation of Bank Guarantee-regarding

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....es on monitoring/revalidation of Bank Guarantee-regarding. Sir/Madam, I am directed to say various references have been received in this Directorate from various banks informing that validity of Bank Guarantees (BGs) has either expired or likely to expire shortly; but there has been no communication from DGFT authorities whether such Bank Guarantees are to be released/redeemed or enforced or the....

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....holder shall furnish LUT/BG/Bond to RA concerned before sourcing material from indigenous supplier / nominated agency as prescribed in HBP v1. (ii) Para 2.35 of FTP 2015-2020 provides that (a) wherever any duty free import is allowed or where otherwise specifically stated, importer shall execute, Legal Undertaking (LUT) / Bank Guarantee (BG) / Bond with the Customs Authority, as prescribed, befor....

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....required to be executed with the RA. The RA concerned shall endorse on the authorization that the Customs Authority shall release / redeem BG/ LUT only after receipt of NOC or EODC from the RA concerned. RA shall endorse a copy of the same along with a forwarding letter to the Customs Authority at the Port of registration for their information and record. 5. Therefore, all the RAs are directed to....