CBIC eases norm on furnishing bonds for import, export of products until June 30

The Central Board of Indirect Taxes and Customs (CBIC) on Saturday allowed companies to import and export items with out furnishing bonds to the customs authorities till June-end, a transfer geared toward making certain no delay or disruption in EXIM commerce amid the Covid-19 pandemic.
In a round, the CBIC stated importers and exporters must furnish an enterprise to the Customs authorities in lieu of the bonds until June 30.
The oblique tax physique stated it has obtained illustration from merchants to simply accept enterprise in lieu of bonds in sure instances of Customs clearance, in view of the difficulties being confronted within the ongoing lockdown/constraints imposed in several areas of India.
To expedite Customs clearance of products and for sustaining stability between Customs management and facilitation of professional commerce, the CBIC stated it has authorised leisure of the requirement to submit bonds.
“…The Board has decided to restore the facility of acceptance of an undertaking in lieu of bond by Customs formation … till June 30, 2021. Importers/exporters availing this facility shall ensure that the undertaking furnished … is duly replaced with a proper bond by July 15, 2021,” the CBIC stated in a round.
Last yr too within the wake of Covid pandemic, the CBIC had allowed companies to import and export items with out furnishing bonds to the customs authorities.