CBIC extends the dates for accepting undertaking in lieu of bond and submission of proper bond due to lockdown

Apr 23, 2020 | by Avantis RegTech Legal Research Team


Finance & Taxation Compliance

The Central Board of Indirect Taxes and Customs (CBIC) on April 21, 2020, review the circular No. 17/2020 dated April 03, 2020 on ‘Measures to facilitate trade during the lockdown period under section 143AA of the customs Act, 1962, which specifies the power to simplify or provide different procedure, etc., to facilitate trade’.

However, as per Government order lockdown has been extended till May 05, 2020 and it will take time to normalise the situation even after the end of the lockdown. Thus, CBIC has decided to further extend the facility of accepting undertaking in lieu of bond for the period till May 15, 2020. Consequently, the date of submission of proper bond in lieu of which the undertaking is being temporarily accepted is extended till May 30, 2020.

Further, the undertaking in lieu of bond is to be submitted by the registered email ID of the Import-Export Code (IEC) holder or their authorized Customs Broker. In addition to this requirement, customs zones may prescribe uploading of the undertaking on e-SANCHIT.

All other conditions mentioned in the Circular will remain unchanged.

[Circular No. 21/2020-Customs]


Bookmark

Related Updates



Alternate Text

Get updates on the go on RuleZbook Mobile App.