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Custody and monitoring of Bonds and Bank Guarantees (BBG)

Circular No. : ES/ 68/2017-18                                                                                            June 14, 2017

To: Members of the Council

Sub: Custody and monitoring of Bonds and Bank Guarantees (BBG)

Dear Member,

Air Cargo Customs (Sahar) has issued Public Notice No, 15/2017 dated 07.06.2017 on the above subject.

  • Exclusive separate Bond and Bank Guarantee Cells (BBG Cell) in all Cpmmissionerate at ACC, Sahar, i.e. Import, Export and General Commissionerate. have been created.
  • From now onwards, all the work related to processing, acceptance and monitoring of Bonds except Bonds given under Section 59 to 67 of the Customs Act, 1962 and Bank Guarantees of the three Commissionerate shall be dealt by their respective Assessing Groups.
  • After processing and acceptance of Bond and Bank Gurantee, the original of the same shall be sent to the respective BBG Cell for safekeeping and the concerned Group will keep a duplicate copy of the same for their record.
  • The concerned Groups shall ensure monitoring of their Bonds and Bank Guarantees and issue demand letters/reminders to importers / banks on timely basis.
  • For entering of Bond/ BG details and debiting thereof in ICES, members of Trade can get the same done either in concerned Group or in the respective BBG Cell.
  • As regards processing, acceptance and monitoring of SVB Bonds and Bank Guarantees, the same shall be done by the SVB Cell under CRC- II Section.
  • All the Assessing Groups should take over copies of previously submitted Bonds and Bank Guarantees of their respective Group from the erstwhile centralized BBG Cell and ensure their monitoring.
  • The above procedure shall be effective from 01st July, 2017.

Thanking you,

V.ANIL KUMAR
EXECUTIVE DIRECTOR

 

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