scorecardresearch
Follow Us:
Friday, June 25, 2021

CBIC eases norm on furnishing bonds for import, export of goods till June 30

In a circular, the CBIC said importers and exporters will have to furnish an undertaking to the Customs authorities in lieu of the bonds till June 30.

By: ENS Economic Bureau | New Delhi |
May 9, 2021 1:18:11 am
Last year too in the wake of Covid pandemic, the CBIC had allowed businesses to import and export goods without furnishing bonds to the customs authorities.

The Central Board of Indirect Taxes and Customs (CBIC) on Saturday allowed businesses to import and export goods without furnishing bonds to the customs authorities until June-end, a move aimed at ensuring no delay or disruption in EXIM trade amid the Covid-19 pandemic.

In a circular, the CBIC said importers and exporters will have to furnish an undertaking to the Customs authorities in lieu of the bonds till June 30.

The indirect tax body said it has received representation from traders to accept undertaking in lieu of bonds in certain cases of Customs clearance, in view of the difficulties being faced in the ongoing lockdown/constraints imposed in different regions of India.

To expedite Customs clearance of goods and for maintaining balance between Customs control and facilitation of legitimate trade, the CBIC said it has approved relaxation of the requirement to submit bonds.

“…The Board has decided to restore the facility of acceptance of an undertaking in lieu of bond by Customs formation … till June 30, 2021. Importers/exporters availing this facility shall ensure that the undertaking furnished … is duly replaced with a proper bond by July 15, 2021,” the CBIC said in a circular.

Last year too in the wake of Covid pandemic, the CBIC had allowed businesses to import and export goods without furnishing bonds to the customs authorities.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
Advertisement
Advertisement
Advertisement
Advertisement