CBIC eases trade by allowing import, export without furnishing of bonds until June-end

To avoid any delay and disruption in the Exim trade due to the ongoing crisis, the Central Board of Indirect Taxes and Customs (CBIC) on Saturday granted businesses the permission to import and export goods without furnishing bonds to the customs authorities until June-end. 

The CBIC, in a circular, said that importers and exporters will have to furnish an undertaking to the Customs authorities in lieu of the bonds till June 30.

With regards to the difficulties faced due to the imposed curfews in certain regions, the organisation is said to have already received representation from traders to accept undertaking in lieu of bonds in certain cases of Customs clearance.

The indirect tax body informed that it has approved relaxation of the requirement to submit bonds to expedite Customs clearance of goods and for maintaining a balance between Customs control and facilitation of legitimate trade. 

“The Board has decided to restore the facility of acceptance of an undertaking in lieu of bond by Customs formation till June 30, 2021. Importers/exporters availing this facility shall ensure that the undertaking furnished is duly replaced with a proper bond by July 15, 2021.”

~The CBIC, as stated in the circular

During the lockdown last year, the CBIC took the same step and allowed businesses to import and export goods without furnishing bonds to the customs authorities. 

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