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Exports - Merchant-exporters - Security / Surety not required from Merchant-Exporters registered with recognized Export Promotion Council
Sub: Board's Circular No.586/23/2001-CX, dated 12.9.2001 / 2001(133) ELT T5}- furnishing
of security / surety by Merchant Exporters -reg.
I am directed to refer to Circular of even number dated Jan 24 and to say that it has been represented to the Board that field formations are insisting on surety of full bond amount from Merchant Exporters registered with Recognized Export Promotion Councils as the Board's Circular (supra) directs keeping in abeyance the instructions relating to security of 25% of bond amount from such Merchant
Exporters
2.
In this regard, it is further clarified that the intention of the
Board is that the position prior to 1-9-2001 in respect
of Merchant Exporters registered with Recognized Export Promotion
Council be restored in so far as relating to furnishing security /
surety with bond executed for the purpose of export. Accordingly, no
security / surety is required in respect of Merchant Exporters who
are registered with Recognized Export Promotion Councils.
3. The field formations may suitably be informed
4. Receipt of this Circular may please be acknowledged
5. Hindi version will follow.
[ Source : C.B.E & C. Circular No. 613/4/2002-CX.dated 31-1-2002 ]
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