CBIC Allows Import Without Executing Bond

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Posted in Business, National, Northeast

Importers have been allowed by the Central Board of Indirect Taxes and Customs (CBIC) to get shipments cleared without executing a bond given the lockdown-like restrictions in various parts of the country.

As per these permissions, importers now, could, instead, furnish an undertaking instead of the bond for customs clearance and subsequently replace it with a bond by July 15, the CBIC said in a notification issued on May 8.

It may be mentioned here that businesses availing various customs duty concessions while importing goods for export production are required to furnish a bond as part of their commitment to meet the export obligation in future years.

However, movement restrictions in different parts of the country and the need for urgent customs clearance prompted the government to accept an undertaking instead of the bond of a limited period.

“The relief was granted because of the representations it received seeking relief and has told field officers to issue suitable communication to guide traders and businesses in availing of this relief,” the CBIC said.

It may be mentioned here that CBIC in the last few weeks has granted several concessions, including customs duty relief, to medical supplies used in the treatment of COVID-19 cases.
India has received medical aid from across the world, including from the US, the UK, Russia and several EU member nations, to fight the pandemic.

It may be noted here that the Centre in April exempted basic customs duty and agriculture cess on a host of products, including medical oxygen, oxygen generators and concentrators, ventilators and cryogenic transport tanks.

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