CBIC allows import, export of goods without furnishing Customs bond

NEW DELHI : 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 due to COVID-19.

In a circular, the CBIC said importers and exporters will have to furnish an undertaking 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.

Expediting clearance

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,” the CBIC said in a circular. “Importers/exporters availing this facility shall ensure that the undertaking furnished … is duly replaced with a proper bond by July 15, 2021,” it added.

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

“These measures would facilitate international trade and ensure continuance of business operations,” said AMRG & Associates Senior Partner Rajat Mohan

Source : The Hindu