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TMI BlogDuty Exemption/EPCG Scheme - Guidelines for Bank GuaranteeX X X X Extracts X X X X X X X X Extracts X X X X ..... Scheme With the changes effected in the Duty Exemption Scheme and the Export Promotion Capital Goods (EPCG) Scheme in the revised edition of the Exim Policy published on 31st March, 1995 and the revised Handbook of Procedure, Vol. I published on 1st May, 1995, the Bond cum surety/ security under these Schemes is required to be executed by the importers with the Customs authorities. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n (i.e.basis duty and additional duty leviable on the goods on merits minus additional duty actually paid). For example if basic duty on the goods imported is 50% and additional duty is 20%, the effective duty recoverable on imports shall be 50% plus 20% on 150% i.e. 80% of assessable value. Since additional duty will actually be recoverable only at the rate of 20% on assessable value (basic Custo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... licence a higher bank guarantee is justified on account of the risks to revenue, he may take such higher bank guarantee amounts. The grounds may be suitably recorded on file. Normally, such higher quantum of bank guarantee would be justified in cases where the party have huge amounts outstanding against them or have repeated cases of evasion of duty against them, etc. II. BOND UN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Scheme. 4.3 Where however the D.G.F.T. has indicated a higher amount of bank guarantee to be taken on the Licence then the bank guarantee should be taken for such higher amount. 5. Custom Houses may issue suitable standing order for information of the staff and Public Notice for information of the Trade. Copies of the standing order/ Public Notice may please by forwarded to Com ..... X X X X Extracts X X X X X X X X Extracts X X X X
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