Millennium Post

Bank guarantee not needed for storing imports for 1 year: CBEC

Tweaking norms for warehousing, the revenue department has done away with the requirement of furnishing bank guarantee for storing imported goods for one year. “...for the initial period of one year, there shall be no requirement of furnishing any security,” the Central Board of Excise and Customs (CBEC) said.

 For storage beyond one year, importer will have to furnish a security by way of a bank guarantee for an amount equivalent to certain percentage of duty plus interest accrued thereon during the preceding period.
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