Bank guarantee encashable for breach of rules
SRO 04(I)/2021 is a Customs SRO dated 4 January 2021, listed by FBR as "Bank guarantee encashable for breach of rules".
FBR publishes this SRO as scanned images, so the text below was transcribed by Qanoon Digest from the page images, with tables set out as tables. Check the official PDF before relying on any wording or figure.
Page 1
GOVERNMENT OF PAKISTAN
(REVENUE DIVISION)
FEDERAL BOARD OF REVENUE
Islamabad, the 4th January, 2021.
NOTIFICATION
(Customs)
S.R.O. 04 (I)/2021.- In exercise of the powers conferred by section 219 of the Customs Act, 1969 (IV of 1969), section 50 of the Sales Tax Act, 1990, section 40 of the Federal Excise Act, 2005 and section 237 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Board of Revenue is pleased to direct that the following further amendment shall be made in the Customs Rules, 2001, which, as required under sub-section (3A) of the said section 219, was previously published vide Notification No.S.R.O 1302(I)/2020, dated the 2nd December, 2020, namely:-
In the aforesaid Rules, in rule 554, in sub-rule (6), in clause (d), for the word "bank", the word "security" shall be substituted.
[C. No.1(2)/L&P/2019]
(Wajid Ali)
Secretary (Law & Procedure)
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