Subject: 100% Bank Guarantee condition for importability of cars, microbuses etc. under 5 % EPCG Scheme
Attention is invited to Policy Circular No. 33 dated 15th November, 2000 specifying the 100 % Bank Guarantee conditions for importability of cars, microbuses etc. by travel agents, tour operators, tourist transport operators under 5 % EPCG Scheme. Since Public Notice 53 dated 27-2-2004 has been notified allowing Bank Guarantee/LUT facility as per the conditions stipulated in the said public notice, the aforesaid policy circular stands withdrawn from immediate effect.
Bank Guarantee/LUT conditions would be endorsed on the licence or the condition sheet attached to it, as the case may be, as per Public Notice No. 53 dated 27.2.2004 and the subsequent amendments, if any, thereafter.
This issues with the approval of DGFT.
[ TAPAN MAZUMDER]
Deputy Director General of Foreign Trade