what is LUT bond why it is issue and whom and for which purpose.
Manish Panchal (Account Manager) (29 Points)
14 June 2011
what is LUT bond why it is issue and whom and for which purpose.
RAMESH KUMAR VERMA
( CS PURSUING )
(43853 Points)
Replied 14 June 2011
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A Bond-cum-Legal Undertaking is to be executed in Form H. Where the unit is a company the undertaking shall be executed by the Managing Director of the company or the Director(s) or any person who has or have been duly authorized for this purpose by a resolution of the Board of Directors of the company and shall be affixed with the common seal of the company; where the entrepreneur is a partnership firm, Bond-cum-Legal Undertaking shall be executed by all the partners or authorized partner(s); where the entrepreneur is a Hindu Undivided Family, the, Bond-cum-Legal Undertaking shall be executed by the Kartha; and where the entrepreneur is a proprietorship concern, the Bond-cum-Legal Undertaking shall be executed by the proprietor;
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Each page of the LUT is to be signed. In case these persons cannot sign the LUT before the Development Commissioner in person, each page of the LUT is to be notarized and submitted for approval of the Development Commissioner.
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After execution one copy will be returned to the unit and one copy given to Customs.
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for more info:-
https://www.cbec.gov.in/customs/cs-circulars/cs-circulars98/81-98-cus.htm
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