Subsidiaries of Export Houses - Joint Bond facility extended - Customs - 123/95
Extract
..... e available to them under Circular No. 52/ Customs & 97/ 95 Customs issued from F.No. 605/75/95- DBK. It has been represented by the representationist that such facility will be in conformity with the provisions of para 103(i)(d) of the Handbook of Procedures Volume- I. The matter has been considered by the Ministry and it has been decided to exited the benefit of joint bond/ bank guarantee which shall be signed both to the parent company as well as the subsidiary company holding the licence .....
..... other words the parent company will be severally are jointly liable for the action in terms of the bond/ bank guarantee jointly executed by them. The above instructions will apply Mutatis Mutandis both to Duty Exemption Scheme and EPCG Scheme. A Standing order for the guidance of the departmental officers and a Public Notice for the benefit of the trade may kindly be issued. A copy of SO/ PN issued on this behalf may be sent to the Commissioner (DBK) and DGI ACC & E. In case of any difficult .....