Customs - Highlights / Catch Notes

The Ministry of Finance, Department of Revenue, Office of the ...

Centralized Bank Guarantee Cell established for processing and custody of Bank Guarantees by Customs House Tuticorin. Follow procedures for smooth transactions.

Circulars Customs

May 28, 2024

The Ministry of Finance, Department of Revenue, Office of the Commissioner of Customs issued a Public Notice regarding the processing, maintenance, and custody of Bank Guarantees (BGs) for customs-related purposes. A Centralized Bank Guarantee Cell (BG Cell) was established for this purpose under the supervision of the Deputy/Assistant Commissioner. Procedures were outlined for accepting, procuring, and keeping custody of BGs, including ensuring auto-renewal clause, IEC code verification, entry in the EDI system, and maintaining records. BGs must be sent to the centralized BG cell and returned to the respective administrative unit upon written demand. BGs should not be released directly to the executor/importer/CHA. Administrative units were directed to list existing BGs and forward them to the BG cell within 30 days. Importers/Exporters/CHAs were instructed to follow the prescribed procedures, and any difficulties should be reported to the Additional/Joint Commissioner of Customs.

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The Ministry of Finance, Department of Revenue, Office of the ...

Centralized Bank Guarantee Cell established for processing and custody of Bank Guarantees by Customs House Tuticorin. Follow procedures for smooth transactions.

Circulars Customs

May 28, 2024

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