CBIC issues Review of Circular on Measures to Facilitate Trade during Lockdown Period u/s 143AA of Customs Act [Read Circular]

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The Central Board of Indirect Taxes and Customs (CBIC), on Monday, issued a review of Circular  No. 17/2020 dated April 03, 2020, on measures to facilitate trade during the lockdown period under Section 143AA of the Customs Act, 1962.

Earlier, in furtherance of the pandemic, the board has relaxed the requirement to submit bonds prescribed under Section 18, Section 59 and Section 143, and under notifications issued in terms of section 25 of the Customs Act, 1962. This relaxation is on a temporary basis and it will continue on April 30, 2020.

The board has now further decided to extend the facility of accepting the undertaking in lieu of bond for the period till May 30, 2020, and as a result, the date of submission of the bond is also temporarily extended till June 15, 2020.

“In reference to MHA order 40-3/2020-DM-I(A) dated 01.05.2020, wherein the lockdown was further extended for two weeks with effect from 4 May 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 30.05.2020. Consequently, the date for submission of a proper bond in lieu of which the undertaking is being temporarily accepted is extended till 15.06.2020. This relaxation will be reviewed by the Board at the end of the Lockdown period,” the circular said.

To Read the full text of the Circular CLICK HERE