CBIC allows undertakings in lieu of bond to facilitate critical imports


In yet another measure to facilitate traders and importers, the Central Board of Indirect Taxes and Customs (CBIC) has restored the facility for trade to provide an undertaking in lieu of bond for customs clearance of their goods.

The facility of providing undertaking for customs clearance will be open to trade till June 30, 2021. The board has made it clear that importers and exporters availing this facility will have to ensure that the undertaking furnished in lieu of bond is duly replaced by a proper bond by July 15, 2021.

The changes have been made in view of several representations from the trade citing difficulties faced by the them to provide for bond in the ongoing lockdown and constraints imposed in different regions of India due to resurgence of Covid-19 pandemic.

CBIC in its circular proposing the changes has also said that any difficulties faced in implementing its order should be immediately brought before it .

The latest move by the tax department is in line with various initiatives taken recently by the government to prevent delays in imports of critical equipment and medicaments required for Covid relief. Duties have ready been withdrawn and CBIC has put up nodal officers in each zones to prevent these critical imports do not get stuck at customs ports.



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