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TMI BlogWaiver of Bank Guarantee for Procurement without payment of dutyX X X X Extracts X X X X X X X X Extracts X X X X ..... Waiver of Bank Guarantee for Procurement without payment of duty X X X X Extracts X X X X X X X X Extracts X X X X ..... We are also three start status holder export house, can we require bank guarantee for above facility ?? If we have not require bank guarantee, please provide related notification with condition . Advance thanks for provide valuable feedback . regards, SNE Reply By Atul Deshmukh: The Reply: Dear Snehal, Since you are Status Holder, you need not to execute Bank Guarantee (BG) at the time of d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uty free imports against Advance Authorisation (Chapter 4 of FTP). Instead, you need to furnish Legal Undertaking ( LUT ) to the customs authority (i.e. customs at the sea/ air port from where you will be importing the material) and Bond, duly franking of ₹ 500/- each done on it. In this regard, you may refer to Para 3.24 (C) of Foreign Trade Policy (Privileges of Status Holders) and Para 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .29 & 2.30 of Handbook of Procedures. There also exist a provision of Corporate Guarantee (Para 2.30 of HBP) in lieu of normal Bang Guarantee. Please refer to the same, if needed. Regards, Atul Reply By Atul Deshmukh: The Reply: Dear Snehal, Please also refer to Customs Circular No. 58/2004 Dtd. 21.10.2004 and Circular No. 15/2014 Dtd. 18.12.2014 to evidence NIL applicability of BG to Status ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Holder.
Regds,
Atul X X X X Extracts X X X X X X X X Extracts X X X X
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