Importers, exporters may submit an undertaking in lieu of Bond till May 15: CBIC

In order to further facilitate exim trade in the COVID-19 lockdown period, the Central Board of Indirect Taxes and Customs (CBIC) on Tuesday extended relaxation for submission of a bond to the customs. Now importer and exporter will be able to submit an undertaking in lieu of a bond till May 15.

"In the background of the recent announcement by the government extending the lockdown till May 3 and taking into consideration that it might take sometime after the end of the lockdown for the situation to normalise, the Board has decided to further extend the facility of accepting undertaking in lieu of bond for the period till May 15," read a statement.

"Consequently, the date for submission of proper bond in lieu of which the undertaking is being temporarily accepted is extended till May 30. This relaxation will be reviewed by the Board at the end of the lockdown period," it added.

Furthermore, the statement said that the undertaking in lieu of bond is to be submitted by the registered email ID of the IEC holder or their authorised Customs Broker. In addition to this requirement, but not in substitution, customs zones may prescribe uploading of the undertaking on e-Sanchit.

( With inputs from ANI )

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