Partial discharge of bonds executed by nominated agencies/ banks under notification No. 57/2000-Customs dated 08.05.2000 - Customs - PUBLIC NOTICE No. 24/2019

OFFICE OF THE PRINCIPAL COMMISSIONER OF CUSTOMS CUSTOM HOUSE PORT AREA VISAKHAPATNAM - 530 035 F.No.P3/06/2017-Stats (AM)Pt.II Date: 15.07.2019 PUBLIC NOTICE No. 24/2019 Subject: Partial discharge of bonds executed by nominated agencies/ banks under notification No. 57/2000-Customs dated 08.05.2000. Kind attention of Importers exporters and members of Trade is invited to the above mentioned subject. Circular No. 25/2018-Customs dated 08.08.2018 has prescribed standard operating procedures for the expeditious discharge of the bonds executed by nominated agencies/ banks under notification No. 57/2000- Customs dated 08.05.2000, as a measure of trade facilitation. 2. Presently, bonds are credited and closed only after entire imported goods (meant for export after prescribed value addition/wastage norms) have been used and exported as finished goods. These bonds and corresponding bank guarantees some times remain outstanding in full due to non availability of facility of partial credit against that quantity of import of gold for which export obligations have been fulfilled. This hinder the expeditious discharge of bond leading to capital blockage of exporter. Thus puts unnecessary burden on the exporters. 3. Various representations were received from Gems Jewellery export promotion council that partial crediting of Bonds and Bank Guarantees, submitted at the time of import of gold, may also be facilitated in proportion to the export obligations fulfilled for which necessary prescribed documentation evidencing the same has been provided to the jurisdictional customs authorities. 4. The matter has been examined by CBIC in consultation with Directorate General of Systems. In order to address the above said issue a new provision has been developed in ICES 1.5 to proportionately credit the Bond and Bank Guarantee online as and when the exports are being made, partially against the said Bond and Bank Guarantee. 5. The procedure and the time line prescribed vide Circular No. 25/2018- Customs dated 08.08.2018 will apply mutatis-mutandis to partial discharge of bonds also. 6. Difficulties, if any, may be brought to the notice Of the Deputy / Assistant Commissioner (Group), Custom House, Visakhapatnam. (Dr. D. K. Srinivas) Pr. Commissioner of Customs