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TMI BlogAmendments in the Handbook of Procedures (Vol. I) (RE-2008)X X X X Extracts X X X X X X X X Extracts X X X X ..... e applicant shall execute BG/LUT (as per Customs circular no. 58/2004) with the RA as per Appendix 25C or Appendix 25D respectively. 2. Two new Appendices i.e. Appendix 25C and Appendix 25D related to "Execution of Bank Guarantee and Legal Undertaking for DEPB/Freely transferable Incentive Schemes under Chapter 3", as Appended to this Public Notice stands added in Handbook of Procedures, Vol.1 (Appendices and Aayat Niryat Forms). 3. Last sentence of Paragraph 3.23.13 clause (i) notified vide Public Notice No. 151 dated 26.2.2009 shall be substituted by the following: "In case there is no pending claim and there is no cash deposit towards the amount immediately after the expiry of 12 months time period from the date of issuance of the Scrip, the RA shall initiate necessary action. If the Scrip holder does not pay the amount within 60 days of the expiry of aforesaid 12 months time period, the scrip holder shall be required to pay the said amount along with 15% interest per annum from the date of issuance of the Scrip(s) for the Duty Credit for which BRC or Documentary evidence (evidencing realisation of export proceeds as required under FTP or the Procedure laid t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty for the time being authorised to perform the duties of Joint Director General of Foreign Trade/Deputy Director General of Foreign Trade), Ministry of Commerce, Government of India, New Delhi (hereinafter referred to as the Government) having notified the _______ Scheme* (fill up the actual specific Scheme) in the Foreign Trade Policy, 2004-09, as amended from time to time (herein after referred to as "Scheme"). The importer/exporter __________ (full expanded name of the importer/exporter with complete address and IEC No.) (herein after referred to as 'party', which expression shall be deemed to include his/her heirs, successors, administrators and assignee, if the firm is Sole Proprietary firm/jointly and severely all the Partners through their legal heirs, successors, administrators, and assignee as well as the portions where body corporate or not having the control of the affairs of the said firm, if it is Partnership firm/successors in business and assignee, if firm is limited company) desires to apply for scrip(s) under the Scheme (herein after referred to as scrip(s) for import of the goods allowed under the Scheme) on fulfilling the terms and conditions of the Scheme, whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a demand or claim under this guarantee is made on us in writing on or before the ______________**, we shall be discharged from all liability under this guarantee thereafter. 5. We ____________________ (indicate the name of bank), further agree with the Government that the Government shall have the fullest liberty without our consent and without affecting in any manner our obligations hereunder (i) to vary any of the terms and conditions of the scrip(s) and modify the said scheme from time to time or (ii) to extend time of performance by the said party from time to time or to postpone for any time or (iii) from time to time any of the powers exercisable by the Government against the said party and to forbear or enforce any of the terms and conditions relating to the scrip(s) and we shall not be relieved from our liability by reason of any such variation, or extension being granted to the said party, or for any forbearance, act or omission on the part of the Government, or any indulgence by the Government to the scrip holder, or by any such matter or thing whatsoever which under the law relating to sureties would, but for this provision, have effect of so relieving us. That thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ip(s) without submission of the Bank Realisation Certificate or other documents evidencing realisation of export proceeds as required under the _____ Scheme (Fill up the actual specific Scheme*) (herein after referred to as 'Scheme') notified by the Government under the Foreign Trade Policy, 2004-09, as amended from time to time, with an obligation to realize the export proceeds (FOB value of exports based on which duty credit shall be allowed under the Scheme) within the time period endorsed on the scrip(s). AND WHEREAS the Government may grant a Scrip(s) to the party for the full value applied for or for a lesser value, as it may be deemed fit and as per the terms and conditions of the Scheme. AND WHEREAS one of the terms of the Scrip(s), which may be issued as above, is that the party is to enter into an agreement/undertaking with the Government on the terms and conditions appearing hereinafter. AND WHEREAS the party do hereby unconditionally and irrevocably undertake to pay the Government an amount not exceeding Rs.____________ which is due and payable under this agreement without any demur or protest, merely on a demand from the Government stating that the amount cla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble amount. g) that the Government may modify the Scheme from time to time. NOW, THEREFORE THE CONDITIONS OF THE AGREEMENT ARE AS FOLLOWS: In anticipation of granting the said Scrip(s) by the Government as aforesaid, the party hereby declare(s) and agree(s): (i) That the party shall comply with all the obligations under the aforesaid Scheme specified by the Government and the conditions specified in the Scrip(s) to be issued for import and other conditions specified herein above. (ii) That if the party fails to realise the whole or part of the export proceeds under the Scheme, including the terms and conditions stipulated in the Scrip(s) or fails to furnish any information required under the Foreign Trade (Development Regulation) Act, 1992, or the Orders made thereunder or the Rules framed thereunder, on the written demand made by the Government of the amount, in whole or part, the party shall forthwith without any demur or protest, pay to the Government the sum demanded. (iii) That notwithstanding any right Government may have directly against the party in any form, and notwithstanding any dispute raised by the party in any form, the Government's written deman ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es that in the event of his default in meeting the aforesaid condition of export proceeds realisation, they shall execute a Bank Guarantee for an amount as required by the Government. (xii) The party further agrees with the Government that the Government shall have the fullest liberty without any consent of the party and without effecting in any manner the obligations of the party hereunder: (a) to vary any of the terms and conditions of the scrip(s) and modify the said scheme from time to time or (b) to extend time of performance by the said party from time to time or to postpone for any time or (c) from time to time any of the powers exercisable by the Government against the said party and to forbear or enforce any of the terms and conditions relating to the scrip(s) and the party shall not be relieved from the said liability by reason of any such variation, or extension being granted to the party for any forbearance, act or omission on the part of the Government or any indulgence by the Government to the scrip holder or by any such matter or thing whatsoever which under the law relating to Legal Undertaking would, but for this provision, have effect of so relieving the party. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orter" or "Party" used in the opening paragraph of the Legal Agreement should include his/her heirs, successors, administrators and assignee". 4. If the party is a partnership firm, the B.G./LUT shall be executed in the name of the partnership firm, through the partners to be specified, or the Managing partner, if so specified in the Partnership Deed, along with the address of the partner/Managing Partner, and the place where the Registered Office of the partnership firm is situated. "In that case, the expression "Importer/Exporter" or "Party" used in the opening paragraph of the Legal Agreement should include jointly and severely all the partners, through respective legal heirs, successors, administrators and assignee as well as the portions where body corporate or not having the control of the affairs of the said Firm". 5. If the party is a Limited Company, the B.G./ LUT shall be executed by the Managing Director or two Directors of the Company, along with the seal of the Company and also specifying the address of the Registered Office of the Company. Alternatively the B.G./ LUT shall be executed by a senior executive of the Company of the rank of General Manager and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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