CBIC has issued clarification on measures to facilitate the trade during the lockdown, by further extending the facility of accepting undertaking in lieu of bond till June 15, 2020.

The Central Board of Indirect Taxes and Customs vide its notification dated 29th  May 2020 has extended the facility given to businesses to import and export goods without furnishing bonds to the Customs authorities till 15th June 2020.

CBIC in its earlier circular dated 11th May 2020 had extended similar relaxation till 30th May. However, with subsequent extension of lockdown, it was felt that the relaxation needed to be longer to facilitate trade.

Therefore the board has now further decided to extend the facility of accepting the undertaking in lieu of bond for the period till 15th June 2020, and as a result, the date of submission of the bond is also temporarily extended till 30th June 2020.

Click here to read the Notification.