Customs Guarantee

This guarantee is issued in favour of customs authority on account of custom duties for imported goods and machinery or export commodities on behalf of Clients.

Sometimes, importers are not in a position to pay in cash, the customs duties to release their imported goods. As such, they need to submit Bank Guarantee to the Customs for an amount equivalent to the amount of the customs duty.

By issuing the above guarantee, the Bank makes commitment for payment, and must pay the amount of the guarantee to the Customs Authority, without any delay, at the fixed maturity or on the dates when the installments fall due.

In same circumstances like disputes over taxation, customers’ desire guarantees to release the goods under guarantee up to final settlement of dispute by the competent authority.