How to Close an IGCR Bond Once Imports Are Completed

Once all your imports under the Import of Goods at Concessional Rate of Duty (IGCR) Rules, 2022) are completed, you must formally close your IGCR bond. The bond, or bank guarantee, is a legal commitment ensuring that the imported goods are used for the declared purpose. Closing it not only releases your financial security but also marks the end of your compliance obligations.

1. Ensure All Imports and Usage Are Complete

Before initiating bond closure, confirm that all imports under your IGCR Identification Number (IIN) have been used for the approved end-use. You must also file the required returns — Form IGCR-3 or IGCR-3A — detailing consumption and utilization.

2. Apply for Bond Release on ICEGATE

Log in to the ICEGATE portal and open your IGCR Dashboard. Under the “Bond/BG Details” section, select the relevant bond and click “Request for Release” or “Bond Credit.” This initiates the digital request for closure.

3. Customs Verification and Approval

The jurisdictional Customs officer will review your submitted data, returns, and supporting documents. Once satisfied that all conditions are fulfilled, the officer approves the closure, and the bond or bank guarantee is officially released in the system.

4. Maintain Proper Records

Keep copies of the bond release order, Bills of Entry, and consumption reports for future audits. If you plan to continue importing, any unused bond amount can be carried forward to a new registration.

In summary: timely bond closure is a simple but vital compliance step. Completing it through ICEGATE ensures your records stay clean, your guarantee is released, and your business remains ready for future imports under IGCR.

Learn more about IGCR at https://www.jparks.co/services/apply-for-igcr-clearance/