Measure to facilitate trade during the lockdown period - section 143AA of the Customs Act, 1962 — Acceptance of Undertaking in lieu of Bonds

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....re to facilitate trade during the lockdown period - section 143AA of the Customs Act, 1962 - Acceptance of Undertaking in lieu of Bonds - reg. Attention of the Importers, Exporters, Custom Brokers, General Trade, and all other stakeholders is invited to the above cited subject. Board, vide circular No. 17/2020-Custonv, Dated specified certain relaxations as mentioned in the said circular. It is l....

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....oms clearance of goods and maintaining balance between Customs control and facilitation of legitimate trade. 3. In this regard, Board has approved relaxation of the requirement to submit bonds prescribed under section 18, section 59 and section 143, and under notifications issued in terms of section 25 of the Customs Act, 1962, subject to compliance of conditions as listed below. 3.1 While the ....

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....ctual Userimpocter c. Authorised Economic Operators (AEO) d. Statusholder e. All importers availing warehouse facility in terms of section 59 of the Customs Act, 1962 3.3 Each such relaxation, where requested, should comply with the following conditions: i. The content of the undertaking should, to the extent possible, be same as the content of the prescribed bond ii. The undertaking s....

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....stoms Act, 1962, shall be allowed only to manufacturer actual user importer or AEO or Status holders. For requests related to change of ownership after warehousing, the facility shall be considered only in cases where the prospective buyer is either manufacturer/ actual user importer or AEO or Status holder. 4. The relaxation from submitting bond may also be considered on case to case basis for a....