ISLAMABAD, May 31: The Central Board of Revenue has done away with the condition of furnishing a separate bond for the clearance of excisable goods.
The CBR issued a notification on Friday to this effect amending the Central Excise Rules 1944.
According to the notification, the government has waived the condition of producing a surety bond for all those exporters who will clear excisable goods under the Duty and Tax Remission Scheme (DTRE).
The notification reads: “The CBR is pleased to direct that the following further amendments shall be made in the central excise rules 1944, namely — in the aforesaid rules, in rule 96BBB- a) in sub-rule(1), for the full stop, at the end, a colon shall be substituted; and b) after sub-rule (1), as amended aforesaid, the following proviso shall be added, namely: “Provided that the exporter who intends to clear the excisable goods under Duty and Tax Remission for Export Rules as contained in sub-chapter 7
of chapter XII of the customs rules, 2001 and fulfils all the
formalities prescribed therein and in the customs general order No 6/2001 dated the
25th July, 2001, shall not be required to submit any separate bond.”
