customs intimates advance authorisation holders to obtain closure/eodc and proceed with bond/bg cancellation
Customs Public Notice No. 15/2023 has recently been released, and it specifies a list of Advance Authorisation holders who have not obtained closure or EODC (Export Obligation Discharge Certificate) of their respective Advance Authorisation. This notice serves as a reminder for those holders who are listed to take action and obtain the necessary closure or EODC in a timely manner.
Advance Authorisation is a license issued by the Indian government that allows eligible exporters to import inputs without payment of customs duty for the production of export goods. The scheme is designed to facilitate the export of goods and increase the competitiveness of Indian exporters.
However, it is essential that the holders of these authorizations obtain closure or EODC upon completion of their export obligations. This is necessary to avoid any potential penalties or legal actions that may be taken against them for non-compliance.
It is important to note that as per the Customs Public Notice No. 15/2023, the customs department is conducting a special drive to obtain Bond/BG (Bank Guarantee) cancellation against the Closure/EODC of the respective Advance Authorisation.
This special drive by the customs department highlights the importance of complying with the regulations surrounding the Advance Authorisation scheme. The customs department is taking strict measures to ensure that all holders of Advance Authorisations obtain the necessary closure or EODC, and subsequently, cancel any bonds or bank guarantees associated with their authorisations.
Please us the button below to download the Public Notice and go through the same:
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