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Bank Guarantee for FTA Imports and Post Import Audit Leave Importers Breathless

- Arun Goyal -

The informal imposition of 100 percent bank guarantee for zero duty FTA imports is leaving importers gasping for breath. A leading manufacturer from Korea has given BG to the tune of Rs 300 crores, it is rumoured.

Similarly, faceless assessment and in house import physical Audit is applicable to all, including AEOs. The action at field level without official clarification or ruling is making official pronunciations meaningless and violating all rules of the promised "Ease of Doing Business”.