DA Newsflash (Customs): Single Unified Multi-Purpose Electronic Bond (SEB) for all Customs transactions

Hope you are well and safe!

The Central Board of Indirect Taxes & Customs (CBIC) has introduced "Ekal Anubandh", a Single Unified Multi-Purpose Electronic Bond (SEB). This initiative is designed to streamline customs operations, reduce compliance burdens, and enhance efficiency through fully digital, paperless execution.

?? Key Benefits of SEB:

? One Bond, Nationwide Applicability – Eliminates the need for multiple transaction-wise bonds at different ports.

? End-to-End Digital Execution – Submission, verification, and processing via ICEGATE & NeSL, ensuring speed, accuracy, and security.

? Cost & Time Efficiency – Significantly reduces administrative burdens, accelerates clearances, and optimizes working capital.

? Integrated Electronic Bank Guarantees (e-BG) – Enhances security, real-time tracking, and seamless management.

? Eco-Friendly & Sustainable – A step towards a green customs ecosystem by eliminating paperwork and manual interventions.

?? Who Will Benefit?

This initiative is a game-changer for:

?? Importers & Exporters – Reducing compliance complexity and ensuring faster shipment processing.

?? Customs Brokers & Freight Forwarders – Enhancing trade facilitation with simplified documentation.

?? Manufacturers & Warehousing Operators (MOOWR) – Facilitating seamless customs compliance under bonded manufacturing and warehousing.

?? Financial Institutions & Banks – Strengthening security and operational efficiency through digital e-BG integration.

? Inclusions in SEB:

The Single All-India Multipurpose Electronic Bond (SEB) covers various customs obligations, including:

• Provisional Assessment – Importers/exporters can execute a single bond covering assessments under CAROTAR, chemical testing, etc.
• Export Promotion Schemes – Supports Advance Authorization (AA), Duty-Free Import Authorization (DFIA), EPCG, and Gem & Jewellery schemes.
• Warehousing & Bonded Manufacturing – Includes warehousing under Section 59 and manufacturing under MOOWR (Section 65).
• Import under Concessional Rate (Section 143) – Allows for compliance under duty exemptions or concessional rate schemes.
• Customs Special Warehouses – Covers operations under Section 65 in special warehouses.
• Electronic Bank Guarantee (e-BG) Integration – Secure, real-time tracking of bank guarantees digitally linked to the bond.

?? Exclusions from SEB

While SEB simplifies customs processes, certain obligations remain outside its scope:

• National Bond under IGCR (Import of Goods at Concessional Rate) Scheme – Requires a separate bond execution.
• Certain High-Risk Commodities – May require additional security measures as per CBIC guidelines.
• State-Specific Stamp Duty Compliance – SEB execution depends on state-level digital stamping integration (check enabled states in ICEGATE).
• Existing Non-Digital Bonds – Legacy/manual bonds cannot be converted into SEB automatically.

?? We encourage all stakeholders to adopt SEB and unlock new efficiencies in their trade operations.

Our dedicated team of experts is fully committed to delving deep into your business operations challenges, ensuring your continued compliance with all relevant tax and regulatory obligations.

We handle all your recurring compliance needs while offering tailored solutions for litigation management and tax structuring.

Should you have any inquiries related to indirect taxes or require our assistance, please don't hesitate to get in touch with us via email at [email protected], or simply visit our website at www.dardaadvisors.com.