Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: VAT Audit :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: TDS :: articles on VAT and GST in India :: VAT RATES :: ACCOUNTING STANDARDS :: empanelment :: cpt
 
 
Latest Circulars »
 RBI to conduct Overnight Variable Rate Reverse Repo auction under LAF on January 18, 2018
 RBI-Auction of Government of India Dated Securities January 15, 2018
 Understanding and Managing Interest Rate Risk at Banks (Viral V Acharya, Deputy Governor – January 15, 2018 – at the FIMMDA Annual Dinner, 2018
 Auction of State Government Securities
 RBI releases draft directions on hedging of commodity price risk and freight risk in overseas markets
 Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) – Gomati Nagariya Sahakari Bank Ltd., Jaunpur (Uttar Pradesh)
 RBI-Monthly Bulletin for January 2018
 RBI to conduct 7-day Variable Rate Reverse Repo auction under LAF on January 10, 2018
 Auction for Sale (Re-issue) of Government Stock (GS) January 08, 2018
 Auction of Government of India Dated Securities January 8, 2018
  Non-Banking Financial Company – Peer to Peer Lending Platform

Regarding grant of exemption from furnishing Security/Bank guarantee by Central/State Government Undertakings for storing sensitive goods in private bonded warehouses
October, 04th 2012

Circular No. 26/2012-Customs

F. No. 473/16/2012-LC

Government of India

Ministry of Finance

Department of Revenue

Central Board of Excise and Customs

****

New Delhi, the 10th of September, 2012

To,

 

All Chief Commissioners of Central Excise & Customs

All Chief Commissioners of Central Excise

All Chief Commissioners of Customs

All Chief Commissioners of Customs (Preventive)

The Director General of Revenue Intelligence/Central Excise Intelligence/Systems and Data Management/Export Promotion /Safeguards/Audit

The Chief Departmental Representative (CESTAT), Delhi

 

 

 

Subject: Grant of exemption from furnishing Security/Bank guarantee by Central/State Government Undertakings for storing sensitive goods in private bonded warehouses regarding.

****

 

Reference is invited to Circular No. 99/95-Customs dated September 20, 1995 (issued from file F. No. 473/61/94-LC) laying down the procedure for licensing of Private Bonded Warehouses under Section 58 of the Customs Act, 1962. Paragraph 3 (viii) of the Circular stipulates inter alia, that In respect of individual consignments to be warehoused, the licencees are to give a double duty bond as required under the law. In respect of sensitive goods we may take a cash deposit or bank guarantee equal to 25% of the duty liability (effective duty foregone) for each consignments. In this connection, a reference has been received from M/s. India Tourism Development Corporation Limited, a Government of India Undertaking, seeking exemption from furnishing Bank guarantee for storing sensitive goods in duty free shops operated by them.

 

2.         The matter has been examined in the Board. As a measure of relaxation to the Central/State Government Undertakings, as has been done in case of relaxation of requirement of Bank guarantee/security for Custodians of Sea Ports and Air Cargo Complexes/ICDs/CFSs (Circular No. 34/02-Customs dated June 26, 2002 and Circular No. 13/02-Customs dated February 22, 2002 refers), it is clarified that all Central and State Public Sector Undertakings shall be exempt from furnishing Bank guarantee or other form of security for storing sensitive goods in the duty free shops operated by them. The execution of a double duty bond and other requirements stipulated under Circular No. 99/95-Customs dated September 20, 1995 would, however, remain.

 

3.         Publicity to this Circular may be given by way of issuance of public notice and standing order.

 

4.         Difficulties, if any, faced in the implementation of this circular, may be immediately brought to the notice of the Board.

 

5.         Please acknowledge receipt.

 

6.         Hindi version follows.

Yours faithfully,

 

(M. Satish Kumar Reddy)

Director (ICD)

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions