With this decision of CBIC, traders will now be able to import goods from abroad and export foreign goods without depositing bonds by the end of June.

There is relief news for the traders who import and export. The Central Board of Excise and Customs (CBIC) has allowed traders importing and exporting products from abroad to conduct unbundled business with customs authorities till 30 June 2021. With this decision of CBIC, traders will now be able to import goods from abroad and export goods abroad without depositing bonds by the end of June. The government has taken this step to prevent export and import trade (EXIM) due to Corona Virus epidemic.

Custom authorities will have to give only one undertaking.

According to the CBIC circular, by June 30, traders who Import, Export will have to give only one undertaking to the customs authorities in lieu of the bond. It is expected that this relief given by CBIC will increase India’s international business and will help business activities continue rapidly during the epidemic.

Businessmen demanded

The CBIC said that in some cases of custom clearance, traders had requested to accept undertaking in lieu of bonds. This demand was made by the traders due to the lockdown imposed in many parts of the country, because they were finding it difficult to do business due to the restrictions imposed due to Corona.

Traders must complete this undertaking by 15 July 2021.

In view of this, CBIC has relaxed the rules for submitting bonds to expedite the customs clearance of goods and to balance between customs control and ease of doing business. However, traders will have to complete this undertaking by 15 July 2021.

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