Rule 14
Application To Be Submitted For The Release Of Bank Guarantee Or Deposit
(1) The industry with the bonded warehouse facility shall apply for the release of the bank guarantee before the concerned Customs office within the time period as referred to in Sub-rule (12) or extended time period of Sub-rule (13) along with the following documents:-
(a) Document relating to import of goods pursuant to Sub-rule (10),
(b) Document relating to the export of finished product,
(c) Certificate of foreign exchange earning issued by the concerned bank,
(d) Certificate of consumption ratio of use of raw materials and the auxiliary raw materials from the concerned agency.
(2) The person with the bonded warehouse facility to sale the goods from the Duty Free Shop, shall apply for the release of the bank guarantee or cash deposit in the bank guarantee or cash guarantee deposited Customs office pursuant to the time period as referred to in Sub-rule (12) or extended time period of Sub-rule (13) along with the documents relating to the sales received from the Duty Free Shop.
(3) The Airline company shall apply for the release of the bank guarantee or the cash deposit pursuant to Sub-rule (1) of Rule 11 in the bank guarantee or cash guarantee deposited Customs office with the documents relating to the use of the goods at the international flight.
(4) The Textile Industry shall apply for the release of Bank Guarantee at the Customs office where the bank guarantee is deposited pursuant to Sub-rule (2) of Rule 11 along with the certificate of sales of textile to the garment industry made from the yarn within Eleven months from the date of import of yarn with minimum
Ten percent value addition, sales agreement between the textile purchasing garment industry and the yarn importing textile industry, yarn consumption ratio certified by concerned agency and bank guarantee paper issued on the recommendation of the textile purchasing garment industry equivalent to the chargeable Customs duty on the import of yarn.
(4a) Notwithstanding anything contained in Sub-rule (4), Yarn importing industry after the sale of textile to the garment industry, may chose not to release the bank guarantee until the garment industry exports the garment. In such a situation, the textile industry shall apply for the release of the bank guarantee within Twenty Two months from the date of import of yarn with the attachment of documents as referred to in Sub-rule (4), documents certifying the export of garment with the minimum ten percent value addition by the garment industry, documents relating to the ratio of consumption certified by the concerned agency, and foreign exchange earning certificate.
(5) Export oriented industry which has purchased textile from the industry importing yarn by furnishing bank guarantee pursuant to Sub- rule (2) of Rule 11, shall submit an application along with the documents relating to export of garments manufactured from textile purchased from the yarn importing industry with the minimum.
Ten percent value addition within eleven months from the date of purchase and certificate of foreign exchange earning authenticated by the concerned bank; and Certificate of ratio of consumption for the purpose of release of the bank guarantee pursuant to Sub-rule (4) of Rule 11.
(6) In order to release the bank guarantee furnished as per Sub- rule (6) of Rule 10, one should submit application with the documents such as- Documents relating to the export of garments manufactured with the minimum Ten percent value addition as prescribed by the Department of Commerce within the time limit as referred to Sub-rule
(5) of Rule 12 or within the extended time period as referred to in Sub- rule (13); Certificate of foreign exchange earning equivalent to the amount of value addition authenticated by the concerned bank; and Certificate of ratio of consumption of raw materials and the auxiliary raw materials. (7) Notwithstanding anything contained in this Rule, the exporter who has exported the products within the time limit and has fulfilled all requirements except submission of the certificate of foreign exchange earnings he/she may submit application with adequate reasons in this regard and the Department may extend time period maximum of Three 1 Amended by First Amendment.months to submit such certificate.
(a) Document relating to import of goods pursuant to Sub-rule (10),
(b) Document relating to the export of finished product,
(c) Certificate of foreign exchange earning issued by the concerned bank,
(d) Certificate of consumption ratio of use of raw materials and the auxiliary raw materials from the concerned agency.
(2) The person with the bonded warehouse facility to sale the goods from the Duty Free Shop, shall apply for the release of the bank guarantee or cash deposit in the bank guarantee or cash guarantee deposited Customs office pursuant to the time period as referred to in Sub-rule (12) or extended time period of Sub-rule (13) along with the documents relating to the sales received from the Duty Free Shop.
(3) The Airline company shall apply for the release of the bank guarantee or the cash deposit pursuant to Sub-rule (1) of Rule 11 in the bank guarantee or cash guarantee deposited Customs office with the documents relating to the use of the goods at the international flight.
(4) The Textile Industry shall apply for the release of Bank Guarantee at the Customs office where the bank guarantee is deposited pursuant to Sub-rule (2) of Rule 11 along with the certificate of sales of textile to the garment industry made from the yarn within Eleven months from the date of import of yarn with minimum
Ten percent value addition, sales agreement between the textile purchasing garment industry and the yarn importing textile industry, yarn consumption ratio certified by concerned agency and bank guarantee paper issued on the recommendation of the textile purchasing garment industry equivalent to the chargeable Customs duty on the import of yarn.
(4a) Notwithstanding anything contained in Sub-rule (4), Yarn importing industry after the sale of textile to the garment industry, may chose not to release the bank guarantee until the garment industry exports the garment. In such a situation, the textile industry shall apply for the release of the bank guarantee within Twenty Two months from the date of import of yarn with the attachment of documents as referred to in Sub-rule (4), documents certifying the export of garment with the minimum ten percent value addition by the garment industry, documents relating to the ratio of consumption certified by the concerned agency, and foreign exchange earning certificate.
(5) Export oriented industry which has purchased textile from the industry importing yarn by furnishing bank guarantee pursuant to Sub- rule (2) of Rule 11, shall submit an application along with the documents relating to export of garments manufactured from textile purchased from the yarn importing industry with the minimum.
Ten percent value addition within eleven months from the date of purchase and certificate of foreign exchange earning authenticated by the concerned bank; and Certificate of ratio of consumption for the purpose of release of the bank guarantee pursuant to Sub-rule (4) of Rule 11.
(6) In order to release the bank guarantee furnished as per Sub- rule (6) of Rule 10, one should submit application with the documents such as- Documents relating to the export of garments manufactured with the minimum Ten percent value addition as prescribed by the Department of Commerce within the time limit as referred to Sub-rule
(5) of Rule 12 or within the extended time period as referred to in Sub- rule (13); Certificate of foreign exchange earning equivalent to the amount of value addition authenticated by the concerned bank; and Certificate of ratio of consumption of raw materials and the auxiliary raw materials. (7) Notwithstanding anything contained in this Rule, the exporter who has exported the products within the time limit and has fulfilled all requirements except submission of the certificate of foreign exchange earnings he/she may submit application with adequate reasons in this regard and the Department may extend time period maximum of Three 1 Amended by First Amendment.months to submit such certificate.