Bank guarantee for status holder ( star export house)

This query is : Resolved

vaithy (Querist)
Follow

15 February 2014 Dear sir,

We have procured goods under Advance license and given bank guarantee.export obligation is pending.

but later we become Status Holder of STar export house.

now the customs authorities are enforcing the BG to the bank because of pending export obligation.

i heared that exception from bank guaratee for Status holder.

can we have any chance to stop. to enforcing the bank guaratee.

urgent

CS M Pota

CS M Pota (Expert)
Follow

15 February 2014
Dear Vaithy,

As per the Circular No. 48/2003-Cus.6th June, 2003 issued by Ministry of Finance & Company Affairs Department of Revenue.You can but subject to Circular issued by the Central Board of Excise and Customs which provides that NOC from the Concerned Excise authorities on certain issue like no default/misstatement/misdeclaration is made in the last 3 year etc is required.

vaithy

vaithy (Querist)
Follow

15 February 2014 Advance license and BG given to customs before getting the Status holder certificate from DGFT.

Even now also , can we stop enforcement of BG by the customs.

CS M Pota

CS M Pota (Expert)
Follow

15 February 2014 Yeah you can please see my above reply

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now