Format of Bank Guarantee for Customs purposes - Provision for automatic extension of the guarantee period – reg.

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..... rposes - Provision for automatic extension of the guarantee period reg. Attention of the CHAs/Import-Export trade and all concerned is invited to revised format of Bank Guarantee to be furnished along with Bonds for various purposes under the provisions of Customs Act 1962, and rules and regulations made there under. 1. Reserve Bank of India (RBI) has issued a Master Circular DBOD. No. Di .....

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..... =0 3. In view of the referred instructions of RBI, the provision for automatic extension of the guarantee period may be got incorporated in the Bank Guarantees given in favour of Customs authorities. Model form of Bank Guarantee Bond is enclosed. The same may be used for new bank guarantee. With regard to the existing bank guarantee a similar extension clause may be furnished from the banks. (B .....

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