CBIC allows import, export of goods without furnishing bonds to Customs

The Central Board of Indirect Taxes and Customs (CBIC) on Saturday allowed businesses to import and export goods without furnishing bonds to the customs authorities until June-end, a move aimed at ensuring no delay or disruption in trade because of Covid-19.

In a circular, the CBIC said importers and exporters will have to furnish an undertaking to the Customs authorities in lieu of the bonds till June 30.

The indirect tax body has received representations from traders to accept an undertaking in lieu of bonds in view of the constraints imposed in different regions of India.

Last year too, the CBIC had allowed businesses to import and export goods without furnishing bonds.