CBIC extends the deadline till May 15 for allowing importers and exporters to submit undertakings instead of bonds
The decision, albeit with certain conditions, was taken after field officers flagged the unavailability of notarised stamp papers for furnishing the bonds.The Central Board of Indirect Taxes and Customs (CBIC) has extended the deadline till May 15 for allowing importers and exporters to submit undertakings instead of bonds for quick movement of goods amid the lockdown.
The Board decided to extend the deadline keeping into consideration the extended period of nationwide lockdown till May 3, and that it may take time for things to normalize later as well. Proper bonds will be required to be submitted by May 30.
The Board said Tuesday that it will review the order after the ongoing lockdown ends.
CBIC had earlier this month allowed traders to submit an undertaking instead of furnishing bonds – required by Customs to assess and clear goods – to prevent delays or disruption in exports or imports due to the Covid-19 pandemic.
The decision, albeit with certain conditions, was taken after field officers flagged the unavailability of notarised stamp papers for furnishing the bonds.
The relaxation applies to central and state Public Sector Undertakings, manufacturers or actual users, importers, authorised economic operators, status holders and all importers availing warehousing facilities.
The relaxation may also be given to traders who ask for it on a case-to-case basis, the Board had added.
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)
Source: indiatimes.com
