Revised Form of Bond to be furnished for availing duty exemption under Advance License and EPCG Schemes - reg. - Customs - 40/2010

Circular No. 40/2010-Customs F.No. 605/91/2009-DBK GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE CUSTOM ***** New Delhi , the 28th October, 2010 To All Chief Commissioners of Customs All Chief Commissioners of Customs Central Excise/ Central Excise All Director Generals under CBEC, All Commissioners of Customs, Customs (Preventive) All Commissioners of Customs Central Excise/ Central Excise The Chief Departmental Representative of Customs, Excise Service Tax Appellate Tribunal. Sir/Madam, Sub: Revised Form of Bond to be furnished for availing duty exemption under Advance License and EPCG Schemes - reg. I am directed to invite attention to the Board's circular No.58/2004-Cus., dated 21.10.2004 which prescribes form of bond to be furnished for availing duty exemption under Advance License and EPCG Schemes. Condition 1 of the prescribed form of bond reads as under: "1. I / we, the obligor(s) shall observe all the terms and conditions of the said notification." 2. The benefit of zero duty EPCG scheme which is governed by notification Nos. 101/09-Cus. , and 102/09-Cus. , both dated 11.09.09 is subject to the condition that the importer should not have been issued in the year of issuance of zero duty EPCG authorization, the duty credit scrips under SHIS scheme. Since there are conditions in the EPCG notification which an authorization holder should fulfil at the time of import for being eligible for duty exemption, it has been decided to change condition 1 of the prescribed form of bond as under: "1. I/we, the obligor(s) fulfil all the conditions of the said notification and shall observe and comply with all its terms and conditions." 3. A suitable Public Notice for information of the Trade and Standing Order for guidance of the staff may be issued. Difficulties faced, if any in implementation of this circular may be brought to the notice of the Board. Kindly acknowledge receipt of this Circular. (Pramod Kumar) Technical Officer