Regulation 11 - Execution of bond and furnishing of security - Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010

11. Execution of bond and furnishing of security. - (1)The 1 [Principal Commissioner of Customs or Commissioner of Customs, as the case may be] shall require the applicant to enter into a bond with a security of ten lakhs rupees in case of major international airports of Mumbai, Delhi, Calcutta and Chennai and five lakhs rupees in case of other airports in the form of cash deposit or bank guarantee in the name of the 1 [Principal Commissioner of Customs or Commissioner of Customs, as the case may be] for complying with the provisions of the Act , rules and regulations made thereunder and the condition of the said bond shall also be that the applicant shall agree to pay the duty, if any, not levied or short levied, with interest if applicable on any goods taken clearance of by the Authorised Courier if in the opinion of the Assistant Commissioner of Customs or Deputy Commissioner or Customs the same cannot be recovered from the importer or the exporter. (2) The Authorised Courier who has been granted a registration under regulation 10 or who has intimated in the Form J to the 1 [Principal Commissioner of Customs or Commissioner of Customs, as the case may be] having jurisdiction over the Custom airport from where he has to transact the business, shall furnish the bond and security as specified under sub-regulation (1) for each of the Customs airports. ---------------- Notes:- 1. Substituted vide Not. 56/2014 - Dated 6-8-2014