Imp.Supp.No. :180

Exp.Supp. No.: 112

PUBLIC NOTICE NO. 2/2000 Appraising (General) Date : 03.01.2000

Instructions on the issue of monitoring of Bank Guarantees - reg
It is hereby informed to all members of the trade that it is noticed that despite repeated instructions on the issue of monitoring of Bank Guarantee furnished by the importers for various purposes and its periodic revalidation before date of expiry to ensure continued validity for total period, neither group officers nor importers / CHAs ensures validity of the Bank Guarantee before its expiry date. This results in existence of invalidate Bank Guarantees on live issues and resultant danger to the revenue.

Therefore it is hereby ordered that –

1. All the Bank Guarantees furnished to the Custom House by importers for whatever purpose should contain self-renewal clause in built in Bank Guarantee itself.

2. It shall be responsibility of concerned group Dy./Asst. Commissioners to accept only such Bank Guarantees which contain self-renewal clause in built in the Bank Guarantee. The scrutiny Appraiser of Group will be primarily responsible for scrutiny of Bank Guarantees. If importers / CHAs submits theh Bank Guarantee without self-renewal clause in built in it, it should be returned immediately with deficiency memo.

3. After the acceptance of the Bank Guarantee, the original Bank Guarantee will be removed from the case file and should be kept in personal custody of Group Dy. / Asst. Commissioner. Attested copy of Bank Guarantee bearing all signatures should be kept in case file to maintain the continuity and correctness of the case file.

4. Group Dy./ Asst. Commissioners will be personally responsible for safe custody and periodic renewal of all types of Bank Guarantees.

5. All the Group Dy./ Asst. Commissioners should verify validity of all the Bank Guarantees in his group/ custody and submit report before the 5th of every month to Commissioner of Customs (Import) certifying that all the Bank Guarantees of group has been verified and duly renewed. This report will be continued to be submitted every month.

All the Public Notices which are not consistent with above Public Notice will be modified to this extent.

(K.P. SINGH)P
COMMISSIONER OF CUSTOMS(IMP)

Issued from F.No. S/26-293/99 A (G)

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