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Clarification on Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017-reg.

Customs - 48/2017 - Dated:- 8-12-2017 - Circular No. 48/2017-Customs F.No.450/28/2016-Cus IV Government of India Ministry of Finance Department of Revenue (Central Board of Excise and Customs) Room 227B, North Block New Delhi, dated the 8th December, 2017 To All Principal Chief Commissioner/Chief Commissioner of Customs /Custom (Preventive), All Principal Chief Commissioner/Chief Commissioner of Central Tax, All Principal Commissioner/Commissioner of Customs / Customs (Preventive), All Principal .....

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curity as deemed appropriate by the Deputy Commissioner of Customs or Assistant Commissioner of Customs having jurisdiction over the premises where the imported goods shall be put to use for manufacture of goods or for rendering output services. 3. CBEC has received various references stating that the provision of submission of surety or security in the rules, is posing a major challenge for domestic industry particularly electronic hardware manufacturers as submission of surety increases the tr .....

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to reduce the burden of compliance cost, CBEC has decided to further ease the norms for taking security/ surety along with the Bond. 5. In view of the above, Bank Guarantee/cash security/surety shall be taken as per the following norms for the purpose of extending the benefit under the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017. Category of Importer Quantum of Bank Guarantee/cash security and requirement of Surety a) All importer (s) who are either a department of Central .....

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mount of duty foregone. However, where the importer is not able to provide the surety, a Bank Guarantee/ Cash Security equivalent to not more than 5% of duty foregone shall be furnished. d) Importers, not covered under (a), (b) & (c) above. Bank Guarantee/Cash Security-Not more than 25% of the duty foregone amount. Explanation: Duty foregone would be calculated by reckoning the duty applicable if the importer were not to follow the procedure prescribed in the Customs (Import of Goods at Conc .....

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