The Central Board of Indirect Taxes and Customs (CBIC) advised the waiver of Bank Guarantee for Transhipment of Import and Export Cargo through Sri Lanka and Bangladesh.
The CBIC has gotten the portrayals that Customs specialists at certain ports are demanding that transport proprietors give Bank Guarantee to carriage of EXIM holders for transhipment from East Coast to West Coast ports, through Colombo.
It is seen that Circular No.45/2005, dated November 24, 2005 postpones the prerequisite of execution of bank ensure with the end goal of transhipment in regard of Carriers of containerized freight, who are taking care of in excess of 1000 TEUs as import compartments in a monetary year.
This waiver would apply not exclusively to delivery lines yet additionally to ICDs/CFSs/different transporters and for carriage in all methods of transhipment, independent of their development by street, waterfront transportation or rail. Further, jurisdictional Commissioners of Customs in meriting cases have been engaged to absolve the prerequisite of outfitting Bank Guarantee in regard of transporters having yearly transhipment volume beneath the restriction of 1000 TEUs, yet having great history.
Additionally, vide Circular No.8/2019-Cus, dated February 26, 2019 development of beach front merchandise through an unfamiliar area of Sri Lanka and Bangladesh has been accommodated, so as to advance the development of seaside products through unfamiliar domain.
The Board has chosen to expand the exception from prerequisite of outfitting of Bank Guarantee by the transporters for carriage of EXIM freight for transhipment through unfamiliar regions of Sri Lanka and Bangladesh. This unwinding would apply,if the transporter satisfies the necessity of waiver of Bank Guarantee in a like way, as accommodated by Circular No. 45/2005-Customs, dated November 24, 2005.