The Central Board of Excise and Customs (CBIC) has given a big relief to businessmen from abroad.
The Central Board of Excise and Customs (CBIC) has given a big relief to the import-export traders. Today, on Saturday 8 May, the CBIC has given permission to the traders to send goods to foreign countries without bonding with the Customs Authorities and to get the goods from there. However, traders will get this facility only by the end of June. This step has been taken to ensure that there is no delay or interruption in the Exim trade due to Corona. According to the circular issued by CBIC, by June 30, importers and exporters will have to give only one undertaking to the Customs authorities in exchange for bonds. This relief given by CBIC will increase international business and business activities will continue during this epidemic.
CBIC restores the facility under Circular No. 17/2020 for trade by providing option to submit an undertaking in lieu of bond upto June 30, 2021 to ensure that there are no delays or disruption in EXIM trade due to #COVID19 pandemic by issuing Circular No.09/2021-Customs. pic.twitter.com/vQn8QhM3oH
— CBIC (@cbic_india) May 8, 2021
Businessmen requested CBIC
The indirect tax body said that in some cases of custom clearance, traders had requested to accept undertaking in lieu of bonds. This request was made due to business difficulties due to the lockdown / restriction imposed in many parts of the country. The rule requiring the submission of bonds has been relaxed to expedite the customs clearance of goods and to create a balance between custom controls and legal business easements.
Bond to be submitted by 15 July
According to the circular issued by CBIC, till June 30, traders have been allowed to trade from abroad by giving undertaking instead of bonds with the Customs authorities. However, traders will have to complete this undertaking by July 15, 2021, that is, they will have to give bonds in exchange for it. Last year also in 2020, due to Corona epidemic, the CBIC had allowed traders to import and export from abroad without depositing bonds with the Customs authorities.
