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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 ..... nder 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 exports of Rs.1 crore or more during ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5% 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, Export House and Public Sector Undertakings. Nil (b) Service Providers who are r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 that he is solvent." In respect of Public Sector Undertakings {vide para 2(a above)}, no surety will be required. The facility of filing "Corporate Guarantee" a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ense 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, the jurisdictional Commissioner of Central Excise shall immediately inform the concerned Licensing Authority (who had issued Advance License) so as to enable the D ..... X X X X Extracts X X X X X X X X Extracts X X X X
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