Execution of Legal Undertaking (LUT) in place of Bank Guarantee (BG) for import of goods by importers who have signed production Sharing Contract (PSC) with the Government of India on re-export basis under para 5.7 (a) of EXIM Policy – Reg

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... India Ministry of Finance (Department of Revenue) Central Board of Excise Customs, New Delhi Subject :- Execution of Legal Undertaking (LUT) in place of Bank Guarantee (BG) for import of goods by importers who have signed production Sharing Contract (PSC) with the Government of India on re-export basis under para 5.7 (a) of EXIM Policy – Reg. I am directed to r .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... enalty that may become payable. The Ministry of Petroleum Natural Gas has written to Board in this regard stating that import of such goods under PSC may be cleared on the basis of the essentiality certificates issued by the Directorate of Hydro Carbons by accepting an LUT in place of BG as provided under Para 5.7(a) of the EXIM Policy. As there is no duty obligation on importers .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X