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12 May2021
  • By Admin
  • Category Goods and Service Tax
  • Views 209
Central Board of Indirect and Customs had issued a Circular No. 09/2021 – Customs dated May 08, 2021, to restore the facility under Circular No. 17/2020 dated April 3, 2020, namely, 'Measure to facilitate trade during lockdown period under Section 143AA of the Customs Act, 1962'.
 
Taking cognizance of the difficulties listed by the trade and industry and the importance of facilitating the Customs clearance process, the Board has decided to restore the facility of acceptance of an undertaking in lieu of bond by Customs formations from the date of issue of this Circular No. 17/2020 till June 30, 2021. The importers or exporters' availability of this facility shall ensure that the undertaking should be furnished in lieu of the bonds is duly replaced with a proper bond by July 15, 2021.
 
The terms and conditions underlined in Circular No. 17/2020-Customs, dated April 3, 2020 as amended by Circular No. 21/2020-Cus., dated April 21, 2020 remain the same, some of which are as follows:
 
  • Custom field formations may accept the request for submission of an undertaking from the importer or exporter instead of a bond.
  • Content of this undertaking should, to the extent possible, be the same as the content of the prescribed bond.
  • The undertaking should duly be signed by the IEC holder concerned on their business's letterhead.
  • Proper bond in the prescribed format on a notarized stamp paper etc., shall be submitted on or before July 15, 2021.
  • The security, where required, shall be furnished.

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