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CBIC reviews Measures to Facilitate Trade during Lockdown [Read Circular]

CBIC - trade - lockdown - Taxscan

The Central Board of Indirect Taxes and Customs (CBIC) on Friday issued the review of circular dated April 3, 2020, namely ‘measures to facilitate trade during lockdown period under Section 143AA of the Customs Act, 1962.

In the view of the extension of the lockdown due to COVID-19 pandemic, the Board through this circular further extended the facility of accepting undertaking in lieu of bond for the period till June 15, 2020, and as a result, the date of submission is also extended till June 30, 2020.

“In reference to MHA order 40-3/2020-DM-I(A) dated 17.05.2020, wherein the lockdown was further extended for two weeks with effect from 18th 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 15.06.2020. Consequently, the date for submission of a proper bond in lieu of which the undertaking is being temporarily accepted is extended till 30.06.2020. This relaxation will be reviewed by the Board at the end of the lockdown period,” the notification said.

The Board said that all the other conditions of circular dated April 3, 2020, will stand as it is.

To Read the full text of the Circular CLICK HERE
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