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TMI BlogDEEC Scheme / EPCG Scheme - Bond/ Bank Guarantee- Group Company Defined and Conditions for Corporate Guarantee SpecifiedX X X X Extracts X X X X X X X X Extracts X X X X ..... Government of India Ministry of Finance Department of Revenue, New Delhi Subject: Clarification regarding Corporate Guarantee. Kindly refer to Board's letter F.No. 605/ 75 (A) / 95-DBK dated 8th August, 1997 regarding revised Norms for execution of Bond and Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 8.8.1997. 4. The benefit of the exemption from furnishing a Bank Guarantee may be allowed to any Group Company which gives a Corporate Guarantee executed by another Company of the same group, which is a recognised status holder under EXIM Policy (1997-2002) i.e. the executing Company must be a Super Star Trading House, Trading House etc. 5. For the purpose of identifying that bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... both the companies. 7. Secondly the Company must maintain a Register as required under Company Law which indicates the names of body Corporates or Companies which are under the same management. The Company executing the Corporate Guarantee must give to the Commissioner of Customs a certified copy of the said Register signed by an authorised Company Secretary/ Chartered Accountant that the Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e before expiry of two years, the Guarantee must have a provision for enforcing the same to recover Customs duties which would be leviable but for exemption from duty. 12. The changes, if any, in the management of both Companies must be effected only after informing Commissioner of Customs so that the validity of existing CG can be examined, and if necessary, a fresh CG be obtained. 13 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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