CBIC allows import, export of goods without furnishing bonds to Customs – The Economic Times

Clipped from: https://economictimes.indiatimes.com/news/economy/policy/cbic-allows-import-export-of-goods-without-furnishing-bonds-to-customs/articleshow/82479122.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis

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

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 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.

AMRG & Associates Senior Partner Rajat Mohan said due to the resurgence of the pandemic, customs has yet again eased out certain customs procedures. “These measures would facilitate international trade and ensure continuance of business operations,” Mohan added.

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