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CBIC extends Period for submission of Bond till May 15, 2020 [Read Circular]

CBIC - submission Bond - Taxscan

The Central Board of Indirect Taxes and Customs (CBIC) extended relaxation for submission of Bond till May 15, 2020.

The Central Board of Indirect Taxes and Customs (CBIC) issued a notification on Tuesday reviewing the circular pertaining to the measures to facilitate trade during the lockdown period.

The circular was issued for the purpose of reviewing the previous circular wherein a relaxation was given to accept an undertaking in lieu of a bond required during customs clearance up to 30th April 2020 subject to certain conditions.

Recently the Central Government extended the lockdown till May 3, 2020, and taking into consideration that it might take some time after the end of the lockdown for the situation to normalize, the board has decided to further extend the facility of accepting undertaking in lieu of bond for the period till May 15, 2020. Consequently, the date for submission of a proper bond in lieu of which the undertaking is being temporarily accepted is extended till May 30, 2020, which will be reviewed by the board after the end of the lockdown period, the circular said.

“In reference to para 3.3 (ii) of the circular, the undertaking in lieu of bond is to be submitted by the registered email ID of the International Electrotechnical Commission (IEC) holder or their authorized custom broker. In addition to this requirement and not in substitution, custom zones may prescribe uploading of the undertaking one-Sanchit,” it said.

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