Warehousing - Transfer of imported goods for re- warehousing.

Document Text

Circular No. 41/97-Cus. Dated 19/9/97 F.No. 473/31/97-LC Government of India Ministry of Finance Department of Revenue, New Delhi Subject: Transfer of imported goods for re-warehousing from major port to inland warehousing station - Need for adequate security for customs duty - Reg. I am directed to refer to Board's Circular No. 29/ 95 dated 29th March, 1995 (issued from F. No. 473/ 6/ 95-LC) on the above subject and to say that as a measure of further relaxation, it has been decided to do away with the requirement of 5% Bank Guarantee in the case of imported goods of 100% E.O.Us/ EHTP/ STP and EPZ Units. However, a transit bond or an insurance policy equivalent to the amount of duty involved may be obtained on the condition that re-warehousing certificate would be submitted within a period of 30 days from the date of despatch of the goods from the port/ airport of import. Where the party fails to produce the re-warehousing certificate within 30 days consecutively for more than three consignments, he would be required to support their Bond with 100% Bank Guarantee. 2. The Board's instructions dated 29th March, 1995 may be considered modified to the above extent. You are, therefore, requested to issue suitable instructions to the field formation. Sd/- (K. Chopra) Under Secretary to the Govt. of India

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