9911796707
TMI BlogExecution of a Common Bond for specified Export Promotion (EP) schemes-reg.X X X X Extracts X X X X X X X X Extracts X X X X ..... ernment. The report submitted in January, 2011, recommended that the authorization holders may be permitted to execute a single running bond with Customs authorities for all their imports under any Export Promotion (EP) scheme, from any port in India. The recommendation of the Task Force has since been accepted by the Government. 3. Since the authorization holders have to execute bonds against each authorization under specified EP schemes i.e. Advance Authorization / Duty Free Import Authorization (DFIA) and Export Promotion Capital Goods (EPCG) scheme, it has been decided that henceforth the authorization holders may execute only one common bond for all their exports/imports under the above mentioned EP schemes. This bond shall be called the Common Bond for EP schemes . The bond shall be executed on the stamp paper of requisite denomination. The salient features of the facility of the Common Bond for EP Schemes are as under:- (i) The facility shall be available to all fresh authorizations issued under the above mentioned EP schemes on or after 1st March, 2011. (ii) This facility shall be available financial year wise. In other words, the authorization holder shall be r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t been executed, then the authorization holder may choose to do so; or else continue with the present practice of executing different bonds for different authorizations. The authorization holder shall give an undertaking to the Customs authorities, at the time of registration, that the authorization is not registered elsewhere. (viii) The bond value shall be decided by the authorization holder keeping in mind the likely imports against authorizations issued in that financial year. Once a common bond has been executed and the authorization registered against it, the imports against such authorization shall be permitted as per the time limits prescribed in the concerned EP scheme. If the bond value is exhausted, it shall be topped up by the authorization holder at the port where the common bond was executed. At the time of topping up, the authorization holder shall ensure that the stamp duty applicable to new bond is paid. For this purpose, the authorization holder shall furnish a crossed stamp paper of requisite denomination to the Customs authorities. (ix) In case any Bank Guarantee is required, the authorization holder need not furnish the entire Bank Guarantee at the time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hereafter. The system shall debit the common bond Authorization wise. (xiii) The authorization holder, at the time of export, shall indicate the authorization number in his Shipping Bill. The authorization holder shall fulfill the export obligation and comply with all the conditions stipulated in relevant Customs notifications and the Foreign Trade Policy under which the goods have been imported. Although the primary responsibility of monitoring the EO under the above mentioned schemes lies with the RA/DGFT officials, the Customs officers at the port where the authorizations have been registered shall also monitor the Export Obligation (EO) under these schemes in terms of the conditions of the relevant Customs Notifications and the Board s circulars and instructions issued from time to time. Once the Export Obligation Discharge Certificate (EODC) is received from the DGFT for an authorization the Customs officials at the port where the authorization is registered shall, if required, check the import / export details, close the authorization and inform the Customs authorities at the port where the common bond was executed so that the Bank Guarantee can be released and the bond d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the President of India (hereinafter called the "President") in the sum of.................... rupees to be paid to the President for which payment will and truly to be made/ I/We jointly and severally bind myself/ourselves and my/our respective heirs, executors/administrators, legal representatives/successors and assigns by these presents] : For security Bond For security bond I/We.................of....................hereinafter called "obligor(s)"am/are held and firmly bound to the President of India (hereinafter called "the President") in the sum of.....................rupees to be paid to the President of India for which payment will and truly to be made, I/We jointly and severally bind myself/ourselves and my/our respective heirs/ executors/ administrators/ legal representatives/successors and assigns by these presents]; Dated this...................day of.................... WHEREAS the above bounden obligor(s) has been permitted to import from time to time the goods without payment of duty/at concessional duty against the authorizations issued to the obligor(s) from time to time, in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ort Obligation period to the satisfaction of the Government. Now the conditions of this Bond are that 1. I / we, the obligor(s) shall observe all the terms and conditions of the said notification(s) in respect of imports from time to time; 2. I / we, the obligor(s) shall observe all the terms and conditions specified in the authorizations. 3. I / we, the obligor(s), shall fulfil the export obligation as specified in the said notification(s) and the authorizations and shall produce evidence of having so fulfilled the export obligation within the time period as stipulated in the relevant Customs notification from the expiry of the specified export obligation period to the satisfaction of the Government. 4. In the event of failure to fulfil full or part of the export obligations as specified in the said notification(s) and the authorizations, I/ we, the obligor(s), hereby undertake to pay the customs duty but for the exemption and also interest at the applicable rates per annum thereon forthwith and without any demur, to the Government. 5. I/ we, the obligor(s), shall comply with the conditions and limitations stipulated in the said Import and Export Pol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ety(ies). In these presents the words imposing singular shall also include the plural and vice-versa where the context so requires. IN WITNESS HEREOF these presents have been signed this day ______________ of ___________20 _______ herein before written by the obligor(s) and the surety (ies). Place: Date: (Signature of the Obligor) Witness (1) name and address (1) occupation (1) __________________ (2) name and address (2) occupation (2) __________________ (Signature of the surety) Witnesses (1) name and address (1) occupation (1) ________________ (2) name and address (1) occupation (2) _________________ Signature and date Name _________________________________ Designation ____________________________ Accepted for and behalf of the President of India on ___________________day of ____________ 20 ______________. Signature and date Name _________________________________ Designation ____________________________ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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