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TMI BlogMeasure to facilitate trade during the lockdown period - section 143AA of the Customs Act, 1962 — Acceptance of Undertaking in lieu of BondsX X X X Extracts X X X X X X X X Extracts X X X X ..... . 23/2020 Subject : Measure to facilitate trade during the lockdown period - section 143AA of the Customs Act, 1962 - Acceptance of Undertaking in lieu of Bonds - reg. Attention of the Importers, Exporters, Custom Brokers, General Trade, and all other stakeholders is invited to the above cited subject. Board, vide circular No. 17/2020-Custonv, Dated specified certain relaxations as mentione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 1962 with view to expedite Customs clearance of goods and maintaining balance between Customs control and facilitation of legitimate trade. 3. In this regard, Board has approved relaxation of the requirement to submit bonds prescribed under section 18, section 59 and section 143, and under notifications issued in terms of section 25 of the Customs Act, 1962, subject to compliance of condition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eir undertakings) b. Manufacturer/ Actual Userimpocter c. Authorised Economic Operators (AEO) d. Statusholder e. All importers availing warehouse facility in terms of section 59 of the Customs Act, 1962 3.3 Each such relaxation, where requested, should comply with the following conditions: i. The content of the undertaking should, to the extent possible, be same as the content of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 10 another warehouse under section 67 of the Customs Act, 1962, shall be allowed only to manufacturer actual user importer or AEO or Status holders. For requests related to change of ownership after warehousing, the facility shall be considered only in cases where the prospective buyer is either manufacturer/ actual user importer or AEO or Status holder. 4. The relaxation from submitting bond ..... X X X X Extracts X X X X X X X X Extracts X X X X
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