TMI Blog2016 (3) TMI 430X X X X Extracts X X X X X X X X Extracts X X X X ..... Intelligence ('DRI') to issue a circular to insist that in all cases of provisional release, the quasi judicial authority considering such request must impose a condition of providing a bank guarantee equivalent to differential duty. To that extent the alert Circular dated 29/30th December 2015 is directed not to be given effect to. Therefore, following the aforementioned order of the Court, it is directed that the provisional release of the goods will be allowed in favour of the Petitioner subject to the Petitioner executing a bond for a sum equivalent to the 100% of the value of goods and furnishing a security in the form of a bank guarantee for a sum equivalent to 30% of the differential duty, with an auto renewal clause and as per RBI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In other cases, the imports may be provisionally assessed and a bank guarantee equivalent to the differential duty obtained for securing revenue . 6. It is the above portion of the Circular that the Petitioner is aggrieved by. The Petitioner's request for release of the goods on provisional assessment has been responded to by a letter dated 19th February 2016 requiring the Petitioner to furnish 100% bank guarantee for the duty element. According to the Petitioner, it is yet to receive any such intimation from the Respondents. However the Petitioner has been informed that in terms of the Circular it would have to furnish a bank guarantee for 100% of the duty element. 7. In a similar context in Writ Petition (C) No. 5833/2015 (Spiro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to differential duty. To that extent the alert Circular dated 29/30th December 2015 is directed not to be given effect to. 9. As far as the present case is concerned, following the aforementioned order of the Court, it is directed that the provisional release of the goods will be allowed in favour of the Petitioner subject to the Petitioner executing a bond for a sum equivalent to the 100% of the value of goods and furnishing a security in the form of a bank guarantee for a sum equivalent to 30% of the differential duty, with an auto renewal clause and as per RBI guidelines. 10. The petition and the application are disposed of in the above terms. 11. A copy of this order be given dasti to learned counsel for the parties under the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
