TMI BlogExtension of warehousing and acceptance of LUT in place of Bank Guarantee for export warehousing for Status Holder Manufacturer Exporters – reg.X X X X Extracts X X X X X X X X Extracts X X X X ..... Delhi, the 12 th December, 2103 To All Chief Commissioners of Central Excise Customs, All Chief Commissioners of Central Excise, All Directors General, Sir / Madam, Sub :- Extension of warehousing and acceptance of LUT in place of Bank Guarantee for export warehousing for Status Holder Manufacturer Exporters reg. I am directed to invite your attention to Circular No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd clause (b) in paragraph 6 with the following new clause (a) and clause (b), to read as follows :- (a) Warehousing of goods shall initially be allowed for a period upto six months, which may be further extended by the Assistant /Deputy Commissioner, each extension being for a period not exceeding six months, subject to the verification that the goods have not deteriorated in quality. The maxim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tain provisions requiring an exporter to furnish security equal to 25% of the Bond amount for availing the facility of export warehousing. 4. Reference has been received in the Board that submission of BG (Bank Guarantee) leads to increase in transaction cost and, therefore, manufacturer exporters who are also status holders may be allowed to submit Letter of Undertaking (LUT) in place of BG. On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a further period not exceeding six months. Further extensions in the warehousing period in terms of paragraph 6(a) of the Circular No. 579/16/2001-CX dated 26.06.2001 shall be allowed to such exporter only on furnishing security of 25% of the bond amount. 5. There is also a need to amend the terms Super Star Trading House or Star Trading House used at paragraph 2(1) in the Circular No. 58 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aced, if any, in implementation of the Circular may please be brought to the notice of the Board at an early date. 7. Receipt of this Circular may kindly be acknowledged. Yours Faithfully, (Pankaj Jain) Under Secretary (CX) - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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