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Export, import of goods without bonds extended till May 15
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SME Times News Bureau | 21 Apr, 2020
The Central Board
of Indirect Taxes and Customs (CBIC) on Tuesday extended the facility
given to businesses to import and export goods without furnishing bonds
to the Customs authorities till May 15 in view of the extension of the
lockdown period till May 3.
Earlier this month, the CBIC had
extended similar relaxation till April 30. However, with subsequent
extension of lockdown, it was felt that the relaxation needed to be
longer to facilitate trade.
As per the revised circular issued on
Tuesday, the CBIC said that importers and exporters will need to
furnish an undertaking to the Customs authorities, which is required
during customs clearance, till May 15. Consequently, the date of
submission of proper bond in lieu of which the undertaking is being
temporarily accepted is extended till May 30,2020, the circular said.
In
addition, the CBIC has said that the undertaking in lieu of bond will
have to be submitted by the registered e-mail ID of the Import-Export
Code number (IEC) holder or their authorised Customs broker. In
addition, customs offices may prescribe uploading of the undertaking on
e-Sanchit (e-Storage and Computerized Handling of Indirect Tax
Documents) for paperless processing, uploading of supporting documents.
The relaxation will, however, be reviewed at the end of the lockdown period, CBIC said in the circular.
The
relaxation has been given by CBIC after exporters brought to notice the
problems faced by them to get notarised stamp paper for furnishing
bonds during the lockdown.
The undertaking will allow for
legalised system of clearing goods by the Customs Department till the
time the proper bond could be furnished.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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