CBIC extends the relaxation for submission of bond till 15th June 2020 to facilitate trade during the lockdown period

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The Central Board of Indirect Taxes and Customs vide its notification dated 11th May 2020 has extended the facility given to businesses to import and export goods without furnishing bonds to the Customs authorities till 15th June 2020 .

CBIC in its earlier circular dated 3rd April 2020 had extended similar relaxation till 15th May. However, with subsequent extension of lockdown, it was felt that the relaxation needed to be longer to facilitate trade.

Therefore the board has now further decided to extend the facility of accepting the undertaking in lieu of bond for the period till May 30, 2020, and as a result, the date of submission of the bond is also temporarily extended till June 15, 2020.

Further CBIC in its earlier circular has notified that the undertaking in lieu of bond will have to be submitted by the registered e-mail ID of the Import-Export Code Number (IEC) holder or their authorized Customs broker. In addition, customs offices may prescribe uploading of the undertaking on e-Sanchit (e-Storage and Computerized Handling of Indirect Tax Documents) for paperless processing, uploading of supporting documents.

Click here to read the Notification.

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