In the wake of the outbreak of pandemic Coronavirus (COVID-19), the Central Board of Indirect Tax and Customs (CBIC) issued measures to facilitate trade under Section 143AA of Custom Act, 1962 during the period of lockdown.
The Central Board of Indirect Taxes and Customs (CBIC), issued a circular on Friday addressing all the Chief Commissioners of Customs, Chief Commissioners of Customs & Central Tax, and Principal Commissioners of Customs & Central Tax specified the measures to facilitate trade under Section 143AA of Custom Act, 1962 during the period of lockdown.
In light of the unprecedented situation caused due to COVID-19 pandemic, Board has decided to take certain measures for a temporary period in terms of section 143AA of the Customs Act, 1962 with a view to expedite Customs clearance of goods and for maintaining the balance between Customs control and facilitation of legitimate trade.
In furtherance of this 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 April 30, 2020.
“This relaxation will apply to the following categories of the importers or exporters including Government/Public Sector Undertakings, Manufacturer/Actual User importer, Authorised Economic Operators, Status holder, and All importers availing warehouse facility in terms of section 59 of the Customs Act, 1962,” the Circular said.
The board also directed the importers or exporters availing this facility to ensure that the undertaking furnished in lieu of bond is duly replaced with a proper bond before May 7, 2020. The record will be maintained by the customs field formations of the importers or exporters who availed the relaxation.To Read the full text of the Circular CLICK HERE