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Systemic improvements regarding modification in the Bond (B-17) Execution process - Customs - 03/2021

Extract

..... rs of Central Tax and Central Excise Madam/Sir, Subject: - Systemic improvements regarding modification in the Bond (B-17) Execution process -regarding In case of EOU/EHTP/STP, a single all-purpose bond was notified vide notification no. 06/98-C.E.(N.T.), dated 02.03.1998. This bond is called B-17(General Surety/Security). Various instructions through circulars were issued regarding execution of said B-17 bond. Post GST, revised new B-17 bond was notified vide notification no. 01/2018-C.E.(N.T.) .....

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Systemic improvements regarding modification in the Bond (B-17) Execution process - Customs

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..... are distinct from the company, there should be no objection to allow the Directors of the EOU, which are Limited Companies to stand as surety in their personal capacity for the said companies. In addition, other corporate bodies including Limited Companies may also stand as surety for the units. 4. Recently, it has come to notice that the B-17 bond executed by the Proprietor of EOU was issued in violation of the Circular no. 66/98-Customs dated 15.09.1998. The surety was given by the Proprietor .....

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Systemic improvements regarding modification in the Bond (B-17) Execution process - Customs

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..... nizes a Proprietor standing as surety for his/her own Proprietorship EOU firm. Therefore, there seems to be no ambiguity with regard to the requirement of surety to be given by some independent legal entity other than EOU itself irrespective of the constitution of the EOU firm. However, it is hereby clarified that in case of B-17 bond executed by EOU/STP/EHTPs in capacity of Proprietorship or partnership firm, surety cannot be given by Proprietor/ partner himself. Such sureties must be given by .....

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Systemic improvements regarding modification in the Bond (B-17) Execution process - Customs

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