Bank guarantee encashable for breach of rules

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Federal Board of Revenue (the Board) issued SRO 04(I)/2021 on 04 January 2021 in order to make a correction in clause d of sub-rule 6 of rule 554 (Minimum conditions for registration under sections 155C and 155D of the Act) by substituting the word “security” in place of word “bank”.

Following is the snapshot of the law:

Snapshot

Reference No.

SRO 04 (I)/2021

Description

Bank guarantee encashable for breach of rules

Date of Issuance

04 January 2021

Amendment

Customs Rules, 2001

Objective

To correct Rule 554.

Effective date

With immediate effect

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