12 May 2021
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.
07 July 2024
It seems like you're referring to Circular No. 09/2021 – Customs issued by the Central Board of Indirect Taxes and Customs (CBIC). This circular relates to facilitating trade during lockdown periods and specifically addresses the acceptance of an undertaking in lieu of a bond by Customs formations.
Here are the key points summarized from your query:
1. **Facility Restoration:** The circular restores the facility under Circular No. 17/2020 dated April 3, 2020. This allows Customs formations to accept an undertaking from importers or exporters instead of a bond.
2. **Period Covered:** The facility of submitting an undertaking in lieu of a bond is applicable from the date of issue of Circular No. 17/2020 until June 30, 2021.
3. **Undertaking Requirements:** - The undertaking should mirror the content of the prescribed bond as closely as possible. - It must be signed by the Importer-Exporter Code (IEC) holder on their business's letterhead.
4. **Submission Deadline:** Importers or exporters who opt for the undertaking must replace it with a proper bond by July 15, 2021. This bond should be in the prescribed format on a notarized stamp paper.
5. **Additional Requirements:** If security is necessary as per Customs rules, it should be provided accordingly.
If you are involved in importing or exporting goods and are affected by these regulations, it's essential to comply with the timelines and requirements specified in the circular to ensure smooth Customs clearance processes and avoid any penalties or delays. Always verify with the latest circulars or consult with Customs officials or a qualified expert for specific guidance tailored to your situation.
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