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Procedure Name | Release of Bank Guarantee or deposit |
Description | Customs Regulation, 2064 (2007)Rule 14 - Application to be submitted for the release of Bank Guarantee or deposit 1. The industry with the bonded warehouse facility should apply for the release of the bank guarantee in the concerned Customs office as per the time period of sub-rule (12) or extended time period of sub-rule (13) with the attachment of the following documents; a) Document relating to import of goods as per 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, should apply for the release of the bank guarantee or cash deport in the bank guarantee or cash guarantee deposited Customs office as per the time period of sub rule (12) or extended time period of sub rule (13) with the documents relating to the sales from the sDuty Free Shop. 3. The Airline companies should apply for the release of the bank guarantee or the cash deposit as per 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 should apply for the release of Bank Guarantee at the Customs office where the bank guarantee is deposited as per sub rule (2) of rule (11) along with the following documents : i. 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 ; ii. Sales agreement between the textile purchasing garment industry and the yarn importing textile industry; iii. Yarn consumption ratio certified by concerned agency; iv. Bank guarantee paper issued on the recommendation of the textile purchasing garment industry equivalent to the chargeable Customs duty on the import of yarn. 4(a) Notwithstanding the provisions made 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 exported the garment. In such a situation, the textile industry should apply for the release of the bank guarantee within twenty two months from the date of import of yarn with the attachment of the following documents : i. Documents as mentioned in sub rule( 4) ii. Documents certifying the export of garment with the minimum ten percent value addition by the garment industry iii. Documents relating to the ratio of consumption certified by the concerned agency iv. Foreign exchange earning certificate. 5. Export oriented industry which purchased textile from the industry importing yarn by furnishing bank guarantee as per sub rule (2) of rule (11), should submit application with the following documents for the purpose of release of the bank guarantee as per sub rule (4) of rule (11): 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; Certificate of foreign exchange earning authenticated by the concerned bank; and Certificate of ratio of consumption. 6. In order to release the bank guarantee furnished as per sub rule (6) of rule (10), should submit application with the following documents: 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 specified in accordance with per sub rule (5) of rule (12) or within the extended time period in accordance with 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 the provisions in the rule, the exporter who has exported the products within the time limit and has fulfilled all requirements except the certificate of foreign exchange earnings may submit application with adequate |
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Special arrangement for the import of goods by furnishing bank guarantee or deposit | Formality Requirement | Ministry of Finance | To make safe and facilitate international trade by making customs administration systematic, transparent and accountable | Rule 111. Airline companies can import goods for catering services and for in-flight duty free shop in the international flight by furnishing bank guarantee or cash deposit equivalent to the chargeable Customs duty. In case the airlines import such goods by itself and prefer to buy such goods from bonded warehouse or duty free shop, the airlines can buy such goods from bonded warehouse or duty free shop designated by the Department.(2)- If the Nepali textile industry intends to sale its product to the export oriented garment industry, the yarn needed for the production of such product may be allowed to import by furnishing bank guarantee equivalent to the chargeable Customs duty on the recommendation of Textile Industry Association. Customs | Customs Regulation, 2064 (2007) | 9999-12-31 | Goods |