Automatic Renewal of Bank Guarantee Clause-Reg. - Customs - 23/2010

OFFICE OF THE COMMISSIONER OF CUSTOMS CUSTOM HOUSE, PORT AREA, VISHAKHAPATNAM-530035 F. No. S23/167/2010-AP Date: 09-08-2010 PUBLIC NOTICE NO. 23/2010 Sub: Automatic Renewal of Bank Guarantee Clause-Reg. All the Importers, Exporters and CHAs are hereby. informed that Bank Guarantees submitted by them, in favour of Custom House, Visakhapatnam, must necessarily have 'self renewal clause' incorporated.in them, validating the Bank Guarantees till the conditions for, which they had been executed, are fulfilled. The same has been stipulated by RBI Vide its Master Circular DBOD. No. Dir.BC.14/13.03.00/2009-10 dated 1st July, 2009. It is also informed that it is the responsibility of the importer/Exporter/CHA to ensure that the Bank Guarantee is in operation till the same has been duly invoked or released by the Custom House. Further, every such Bank Guarantee should be in the prescribed format as -given by RBI in the above Circular. Hence forth Bank Guarantees without such Automatic Renewal Clause or which are not in the prescribed format will not be accepted. All-importers, exporters, CHAs are hereby advised to. obtain an addendum to the existing Bank Guarantees incorporating the 'self renewal clause' within a period of one month from the date of issue of this Public Notice. (P.V.R. REDDY) COMMISSIONER OF CUSTOMS