Circular No. ES/ 259 /2017-18 December 13, 2017
To: Members of the Council
Sub: Clarification on Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017
CBEC has issued Circular No. 48/2017- Customs dated 08.12.2017 clarifying Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017.
An importer in order to avail exemption is required to submit surety or security as deemed appropriate by the Deputy Commissioner of Customs or Assistant Commissioner of Customs having jurisdiction over the premises where the imported goods shall be put to use for manufacture of goods or for rendering output services.
The option to furnish surety or security along with the Bond is given, in order to facilitate manufacturers and service providers keeping in view the different business environments in which the entrepreneurs function and also to protect the interests of revenue.
Keeping in view the objective of the Government to further simplify the business procedures and to reduce the burden of compliance cost, CBEC has decided to further ease the norms for taking security/ surety along with the Bond.
In view of the above, Bank Guarantee/cash security/surety shall be taken as per the following norms for the purpose of extending the benefit under the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017.
Further details are available in the above Circular.
Members may kindly make a note of the above.