Subject: CBIC extends facility of import, export without furnishing bonds to Customs until May 15.2020 wide its circular No.473/02/2020 dt:21.April.2020.
We would like to inform member companies that with a view to expedite clearance of goods and for maintaining balance between Customs control and facilitation of legitimate trade, the CBIC had approved relaxation of the requirement to submit bonds.
The Central Board of Indirect Taxes and Customs (CBIC) extended the deadline to import and export goods without furnishing bonds to the Customs authorities by a fortnight till May 15, a move aimed at facilitating trade during the COVID-19 lockdown.
CBIC wide its circular No.473/02/2020 dt:21.April.2020 also indicated that companies have to furnish proper bond to the Customs authorities by May 30 for import and exports done through undertaking till May 15.
The importers and exporters who would be allowed this facility include government/public sector undertakings, manufacturer importer, Authorised Economic Operators and all importers availing Customs warehouse facility.
A copy of the CBIC Circular is linked for information of member companies.