Imports allowed without executing bond

CBIC has said the relief was granted in view of the representations it received seeking relief. It said it has directed field officers to issue suitable communication to guide traders and businesses in availing of the relief. (AP)Premium
CBIC has said the relief was granted in view of the representations it received seeking relief. It said it has directed field officers to issue suitable communication to guide traders and businesses in availing of the relief. (AP)
 2 min read . Updated: 08 May 2021, 02:48 PM IST Gireesh Chandra Prasad

NEW DELHI : The Central Board of Indirect Taxes and Customs (CBIC) has allowed importers to get shipments cleared without executing a bond in view of the lockdown-like restrictions in various parts of the country.

Importers could, instead, furnish an undertaking in lieu of the bond for customs clearance and subsequently replace it with a bond by 15 July, CBIC said in a notification on Saturday.

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Businesses availing various customs duty concessions while importing goods for export production are required to furnish a bond as part of their commitment to meet the export obligation in future years.

However, movement restrictions in different parts of the country and the need for urgent customs clearance prompted the government to accept an undertaking in lieu of the bond of a limited period.

CBIC said the relief was granted in view of the representations it received seeking relief and has told field officers to issue suitable communication to guide traders and businesses in availing of this relief.

CBIC has in the last few weeks granted several concessions, including customs duty relief, to medical supplies used in the treatment of coronavirus cases. India has received medical aid from across the world, including from the US, the UK, Russia and several EU member nations, to fight the pandemic.

Imports are now being cleared throughout the day on high priority after the government issued necessary protocols and assigned nodal officers in several locations to help importers.

The government last month exempted basic customs duty and agriculture cess on a host of products, including medical oxygen, oxygen generators and concentrators, ventilators and cryogenic transport tanks. It also reduced the integrated goods and services tax (IGST) on imported oxygen concentrators meant for personal use from 28% to 12% for a limited period. Over 238,000 people have so far lost their lives due to coronavirus infection, official data showed.

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