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TMI BlogGuidelines on monitoring/revalidation of Bank Guarantee-regardingX X X X Extracts X X X X X X X X Extracts X X X X ..... Authorities of DGFT. Subject: -Guidelines on monitoring/revalidation of Bank Guarantee-regarding. Sir/Madam, I am directed to say various references have been received in this Directorate from various banks informing that validity of Bank Guarantees (BGs) has either expired or likely to expire shortly; but there has been no communication from DGFT authorities whether such Bank Guarante ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re clearance of goods. In case of indigenous sourcing, Authorisation holder shall furnish LUT/BG/Bond to RA concerned before sourcing material from indigenous supplier / nominated agency as prescribed in HBP v1. (ii) Para 2.35 of FTP 2015-2020 provides that (a) wherever any duty free import is allowed or where otherwise specifically stated, importer shall execute, Legal Undertaking (LUT) / ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Customs and fumishes proof of the same to Regional Authority (RA), no BG/LUT shall be required to be executed with the RA. The RA concerned shall endorse on the authorization that the Customs Authority shall release / redeem BG/ LUT only after receipt of NOC or EODC from the RA concerned. RA shall endorse a copy of the same along with a forwarding letter to the Customs Authority at the Port o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... extended for at least one year 03 months before expiry of validity. The decision to either enforce or get the BG extended must be taken by Head of the Office, as this has revenue implications. 6. This issues with the approval of the competent authority. Yours faithfully, (Rajbir Singh) Dy. Director General of Foreign Trade For Director General of Foreign Trade Tel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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