Measures to facilitate trade during the lockdown period- section 143AA of the Customs Act, 1962

Measures to facilitate trade during the lockdown period- section 143AA of the Customs Act, 1962

Measures to facilitate trade during the lockdown period- section 143AA of the Customs Act, 1962

Review of Circular No. 17/2020 dated 03.04.2020 namely, ‘Measures to facilitate trade during the lockdown period- section 143AA of the Customs Act, 1962’- reg.

Many Circulars had been issued by Ministries for trade facilitation and as interim measures to help trade adapt. Many representations had been received and Board’s Circular No. 17/2020 dated 03.04.2020 on ‘Measures to facilitate trade during the lockdown period- section 143AA of the Customs Act, 1962’ wherein relaxation was given to accept an undertaking in lieu of a bond required during customs clearance upto 30.04.2020, subject to conditions as underlined in the circular. The said circular was issued in the context of lockdown announced by the Government for the period 25.03.2020 to 14.04.2020 due to COVID-19 pandemic.

Considering that the entire country is facing unprecedented challenges due to the COVID 19 pandemic, and that the corporates are facing genuine hard-ships, it has now been decided to further extend the facility of accepting undertaking in lieu of bond for the period till 15.05.2020. Consequently, the date for submission of proper bond in lieu of which the undertaking is being temporarily accepted is extended till 30.05.2020. This relaxation will be reviewed by the Board at the end of the lockdown period.

Central Board of Indirect Taxes & Customs) vide Circular No. 21/2020-Customs dated 21.04.2020 states:

Kind attention is invited to Board’s Circular No. 17/2020 dated 03.04.2020 on ‘Measures to facilitate trade during the lockdown period- section 143AA of the Customs Act, 1962’ wherein relaxation was given to accept an undertaking in lieu of a bond required during customs clearance upto 30.04.2020, subject to conditions as underlined in the circular. The said circular was issued in the context of lockdown announced by the Government for the period 25.03.2020 to 14.04.2020 due to COVID-19 pandemic. :

2. In the background of the recent announcement by the Government extending the lockdown till 03.05.2020 and taking into consideration that it might take sometime after the end of the lockdown for the situation to normalise, the Board has decided to further extend the facility of accepting undertaking in lieu of bond for the period till 15.05.2020. Consequently, the date for submission of proper bond in lieu of which the undertaking is being temporarily accepted is extended till 30.05.2020. This relaxation will be reviewed by the Board at the end of the lockdown period.

3. Furthermore, in reference to para 3.3 (ii) of the circular, the undertaking in lieu of bond is to be submitted by the registered email ID of the IEC holder or their authorised Customs Broker. In addition to this requirement, but not in substitution, customs zones may prescribe uploading of the undertaking on e-Sanchit.

4. With the exception of the above, all other conditions underlined in Circular No.17/2020 dated 03.04.2020 stand as they are.

5. Suitable Trade Notice/ Standing Order may be issued to guide the trade and industry. Difficulty, if any, faced in implementation of this circular may be brought to the notice of Board immediately.

Link: http://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-circulars/cs-circulars-2020/Circular-No-21-2020.pdf

DISCLAIMER: THE ARTICLE IS BASED ON THE RELEVANT PROVISIONS AND AS PER THE INFORMATION EXISTING AT THE TIME OF THE PREPARATION. IN NO EVENT I SHALL BE LIABLE FOR ANY DIRECT AND INDIRECT RESULT FROM THIS ARTICLE. THIS IS ONLY A KNOWLEDGE SHARING INITIATIVE.

THE AUTHOR – CS DEEPAK SETH (ASSOCIATE PARTNER AT HELPINGHANDS PROFESSIONALS LLP) AND CAN BE REACHED AT CONTACTHHPRO@GMAIL.COM OR 9910248911.

Connect

(0) Comments