| Date: |
05-07-2019
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| Notification No: |
Circular No. 18/2019-Customs
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| Issuing Authority: |
Indian Customs
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| Type: |
Circular
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| File No: |
F.No. DGEP/G&J/22/2018 |
| Subject: |
Partial discharge of bonds executed by nominated agencies/ banks under notification No. 57/2000-Customs dated 08.05.2000
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Government of India
Ministry of Finance
Department of Revenue
Central
Board of Indirect Taxes & Customs
(Directorate General of Export Promotion)
******
Circular No. 18/2019-Customs
New Delhi, Dated: 05th July, 2019
To,
All Pr. Chief Commissioners/ Chief Commissioners of Customs/ Customs &
Central Tax/ Customs (Preventive)
All Pr. Commissioners/ Commissioners of
Customs/ Customs & Central Tax/ Customs (Preventive)
Subject: Partial
discharge of bonds executed by nominated agencies/ banks under notification No.
57/2000-Customs dated 08.05.2000.
Madam/ Sir,
Circular No.
25/2018-Customs dated 08.08.2018 has prescribed standard operating procedures
for the expeditious discharge of the bonds executed by nominated agencies/ banks
under notification No. 57/2000- Customs dated 08.05.2000, as a measure of trade
facilitation.
2. Presently, bonds are credited and closed only after
entire imported goods(meant for export after prescribed value addition/wastage
norms) have been used and exported as finished goods. These bonds and
corresponding bank guarantees some times remain outstanding in full due to non
availability of facility of partial credit against that quantity of import of
gold for which export obligations have been fulfilled. This hinder the
expeditious discharge of bond leading to capital blockage of exporter. Thus puts
unnecessary burden on the exporters.
3. Various representations were
received from Gems & Jewellery export promotion council that partial crediting
of Bonds and Bank Guarantees, submitted at the time of import of gold, may also
be facilitated in proportion to the export obligations fulfilled for which
necessary prescribed documentation evidencing the same has been provided to the
jurisdictional customs authorities.
4. The matter has been examined, in
consultation with Directorate General of Systems. In order to address the above
said issue a new provision has been developed in ICES 1.5 to proportionately
credit the Bond and Bank Guarantee online as and when the exports are being
made, partially against the said Bond and Bank Guarantee. Directorate General of
Systems will issue system advisory giving details of the new functionality
regarding partial crediting of RE bond in ICES.
5. The procedure and the
timeline prescribed vide Circular No. 25/2018- Customs dated 08.08.2018 will
apply mutatis-mutandis to partial discharge of bonds also.
6.
Difficulties, if any, may be brought to the notice of the Board.
7. Hindi
version follows.
F.No. DGEP/G&J/22/2018
Yours faithfully,
Sd/-
(Saroj Kumar Behera)
Additional Director
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