India’s Central Board of Indirect Taxes and Customs (CBIC) has allowed the import and export of goods without a bond till May 15, according to a notification issued on April 21.
Amid the COVID-19 lockdown, importers and exporters were unable to obtain notarised stamp papers necessary for submitting bonds to customs authorities at the time of assessment and clearance of goods. As a temporary measure, CBIC allowed companies to submit an undertaking in lieu of the bond, which has to be replaced by a proper bond by May 15.
Earlier, CBIC had issued a circular on March 3, allowing importers and exporters to carry on business without furnishing the bond till April 30 to facilitate trade during the lockdown. CBIC has extended the exemption for bonds in line with the extension of the nation-wide lockdown until May 3.
IEC holders or authorised customs brokers should submit undertaking through registered email address. In addition to this, custom zones may ask IEC holders or customs brokers to upload undertakings on the custom’s e-commerce portal, e-Sanchit.