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The Central Board of Indirect Taxes and Customs extendsexemptionfrom furnishing of bank guarantee to eligible carriers for transhipmentof EXIM cargovia Srilanka and Bangladesh. The official notice issued by the Deputy Secretary(Customs) is given below: Circular No.01/2021-Customs F.No.450/96/2020-Cus-IV Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs North Block, New Delhi Dated the 14th of January. 2021 To All Princ
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FAQ :
The CBIC has extended the exemption from furnishing bank guarantees for eligible carriers transhipping EXIM cargo via Bangladesh and Sri Lanka.
Eligible carriers are those who fulfil the requirements for waiver of Bank Guarantee as provided for by Circular No. 45/2005-Customs, dated 24.11.2005. This typically includes carriers handling over 1000 TEUs of import containers annually, or those with a good track record in deserving cases.
The exemption applies to the transhipment of EXIM (Export-Import) cargo.
The exemption covers transhipment of EXIM cargo through the foreign territories of Bangladesh and Sri Lanka.
Previously, some Customs authorities were insisting on bank guarantees for the carriage of EXIM containers for transhipment, even though waivers existed for certain carriers under specific conditions.
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