The Central Board of Excise and Customs (CBIC) has given a big relief to the import-export traders. The CBIC has today approved the sending of goods to foreign merchants and importing them from abroad without bonds with the Customs authorities. However, traders will get this facility only by the end of June. This step has been taken to ensure that there is no delay or interruption in the Exim trade due to Corona.
According to the circular issued by CBIC, by June 30, importers and exporters will have to give only one undertaking to the Customs authorities in exchange for bonds. This relief given by CBIC will increase international business and business activities will continue during this epidemic.
The indirect tax body said that in some cases of custom clearance, traders had requested to accept undertaking in lieu of bonds. This request was made due to business difficulties due to the lockdown / restriction imposed in many parts of the country. The rule requiring the submission of bonds has been relaxed to expedite the customs clearance of goods and to create a balance between custom control and legal business easements.
According to the circular issued by CBIC, till June 30, traders have been allowed to trade from abroad by giving undertaking instead of bonds with the Customs authorities. However, traders will have to complete this undertaking by July 15, 2021, that is, they will have to give bonds in exchange for it. Last year also in 2020, due to Corona epidemic, the CBIC had allowed traders to import and export from abroad without depositing bonds with the Customs authorities.
