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TMI BlogRevised norms for execution of Bond and Bank Guarantee under Advance License and EPCG Schemes – regX X X X Extracts X X X X X X X X Extracts X X X X ..... ution of Bond and Bank Guarantee under Advance License and EPCG Schemes - reg. Kind attention is invited to DOR Circular No.48/2003-Cus. dated 6.6.2003 in terms of which revised norms for execution of Bond/BG under Advance License and EPCG Schemes have been notified. In terms of Para 3.1 (c) and (d) of the said Circular, manufacturer exporters registered with Central Excise who have achieved ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ara 3.1(a)} shall also be eligible for 25% BG concession. For this purpose it is clarified that the category of importer and quantum of bank guarantee specified in Para 3.1 of Circular No.48/2003-Cus. dated 6.6.2003 shall be read as under:- Category of Importer Quantum of Bank Guarantee (a) Super Star Trading House, Star Trading House, Trading House ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sh security" appearing in Para 3.1 of DOR Circular No.48/2003 dated 6.6.2003 shall be corrected to read as "Bond shall be backed by a bank guarantee or cash security or surety". It is further clarified that para 3.2(d) of DOR Circular No.48/2003-Cus. dated 6.6.2003 shall be corrected to read as "In case of the person standing as surety to the bond, bank or a chartered accountant shall certify tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng jurisdiction over the manufacturing premises of the license holder shall undertake physical verification within one month of the receipt of copy of Advance License from relevant DGFT authority to ascertain that the party to whom Advance License has been issued is not bogus/non-existent. In all cases where on physical verification by central excise, the party is found to be bogus/non-existent, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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