The Synthetic & Rayon Textiles Export Promotion Council

Representation by National Association Of Container Freight Stations (NACFS) bound and bank guarantee insurance, cost recovery

Circular No.ES/79 / 2016-17                                           August 31, 2016

To:    Members of the Council

Sub: Representation by National Association Of Container Freight Stations (NACFS) bound and bank guarantee insurance, cost recovery.

Dear Member,

This is to inform you that Central Board of Excise and Customs  has issued Notification No. 115/ 2016 – Customs (NT) dated 26th August, 2016 making regulations to further amend the Handling of Cargo in Customs Areas Regulations, 2009. The amendments are as follows:-

  1. These regulations may be called the Handling of Cargo in Customs Areas (Amendment) Regulations, 2016.
  2. In the Handling of Cargo in Customs Areas Regulations, 2009 (hereinafter referred to as ‘the said regulations’), in regulation 5, namely:-
  3. in sub-regulation (3), for the word “thirty”, the word “ten” shall be substituted:
  4. in sub-regulation (4), the following proviso shall be inserted,

namely:-

“Provided that the condition of furnishing of bank guarantee shall not be applicable to ports notified under the Major Ports Act, 1962 (38 of 1963) or to the Central Government or State Governments or their undertakings or to the customs cargo service provider authorised under Authorised Economic Operator Programme.”

Members are requested to make note of the above.

Thanking you,

 

V.ANIL KUMAR
EXECUTIVE DIRECTOR