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Regarding Bank guarantee for transhipment of cargo from gateway ports to
feeder ports/ ICDs/ CFSs
Circular
No. 78 dated 7th December 2001
I am directed to invite your
attention to the Board�s Circular No.34/2001-Cus. dated 13/6/2001 on the
above-mentioned subject. In the said Circular, it has been provided that for
transhipment of cargo from the gateway port to feeder ports/ ICDs/ CFSs, a bond
with bank guarantee of 15% bond value would be taken from the carriers. In this
connection, a number of references have been received from the trade seeking
removal of the requirement of bank guarantee for transhipment, as it causes huge
financial burden on carriers.
2.
The matter has been examined and following decisions have been taken: -
(a) All the Central
Government and State Government Undertakings carrying the transshipment cargo
shall be exempt from the requirement of bank guarantee for transhipment.
(b) The custodians of ICDs/
CFSs operating as carriers of transhipment cargo between gateway ports and their
ICDs/ CFSs shall amend the terms and conditions of their bank guarantees
executed with Customs for custodianship of ICDs/ CFSs to cover safety and
security of cargo being transhipped by them. The details of such bank guarantee
shall be informed to the Commissioner of Customs having jurisdiction over the
gateway port. The custodians of ICDs/ CFSs shall be allowed to tranship the
cargo against the said bank guarantee and they will not be required to execute a
separate bank guarantee for transhipment.
(c) For other
carriers, the existing provision for 15% bank guarantee shall continue.
3. The above said
instructions may be brought to the notice of all concerned by issuing suitable
Public Notice and Standing Order.
4. Difficulties, if
any, in implementation of this circular may be brought to the notice of the
Board. Kindly acknowledge receipt of the circular.
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