Execution of a Common Bond for all imports under any Export Promotion scheme and from any ports - Customs - PUBLIC NOTICE NO. 64/2019

MINISTRY OF FINANCE, DEPARTMENT OF REVENUE OFFICE OF THE COMMISSIONER OF CUSTOMS CHENNAI - import CUSTOM HOUSE, NO.60, RAJAJI SALAI, CHENNAI-600 001. F.No.S.Misc. 02/2018-19-AM-CH-II Date : 27.08.2019 PUBLIC NOTICE NO. 64/2019 Sub: Execution of a Common Bond for all imports under any Export Promotion scheme and from any ports reg. Attention of the Importers, Exporters, General Trade, Custom Brokers and all other stakeholders in the jurisdiction of Chennai Customs Zone, Chennai is invited to the Board Circular No. 11(A)/2011-Cus dated 25.02.2011 on the above mentioned subject and the subsequently issued Public Notice no. 188/2011 dated 30.12.2011. 2. It is reiterated that execution of a single Common Bond is available for all imports under specified Export Promotion (EP) Schemes from any port in India for a bond value decided by authorisation holder himself. Once a Common Bond has been executed and the authorisation registered against it, the imports against such authorisation will be permitted as per the time limits prescribed in the concerned EP Scheme. If the bond value is exhausted, it shall be topped up by the authorisation holder at the port where the common bond was executed. In case any Bank Guarantee is required, the authorisation holder need not furnish the entire Bank Guarantee at the time of executing the bond. The Bank Guarantee may be furnished as and when the goods are imported and the benefits of concessional duties availed. 3. Furnishing a single Common Bond will help in reducing processing time of Bill of Entry and corresponding cost saving in Exim transactions. Therefore, the stakeholders / Custom Brokers may educate the importers about the Board's Circular and the instructions given therein and ensure to utilise Elis feature so as to ease the process of clearances. 4. Difficulties or suggestions, if any may be brought to the notice of this office. (R. SRINIVASA NAIK) COMMISSIONER OF CUSTOMS CHENNAI - IMPORT