: CBIC allows traders to import, export goods without furnishing bonds to customs #FinanceIndia #StockMarketNEWS CBIC allows traders to import, export goods without furnishing bonds to customs New Delhi,

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CBIC allows traders to import, export goods without furnishing bonds to customs #FinanceIndia #StockMarketNEWS
CBIC allows traders to import, export goods without furnishing bonds to customs New Delhi, Apr 4 (KNN) In order to facilitate trade during the lockdown due to the COVID-19 pandemic, the Central Board of Indirect Taxes and Customs (CBIC) has allowed traders to submit an undertaking instead of furnishing bonds to the customs authorities till the end of the month.

The decision was taken after the field formations about how difficulty being faced by importers and exporters during the ongoing lockdown in obtaining notarised stamp papers for furnishing bonds required by Customs in certain situations during the assessment and clearance of goods.

"In light of unprecedented situation caused due to Covid 19 pandemic, Board has decided to take certain measures for a temporary period, with a view to expedite customs clearance of goods and for maintaining balance between customs control and facilitation of legitimate trade," CBIC said in a notice Friday, giving relaxation of furnishing bonds till April 30.

"In the period up to April 30, customs field formations may accept requests for submission of an undertaking from the importer/ exporter in lieu of a bond," it added.

Public sector undertakings, manufacturer importer, authorised economic operators and all importers availing customs warehouse facility are the importers and exporters who would be allowed this facility.

Traders will have to submit the undertaking, the contents of which will have to be the same as the bond, the CBIC said.

The relaxation may also be given to traders who ask for it, on a case to case basis, the Board added.

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