Amendment to Ch IX of the Customs Act, 1962 - Bond required to be filed under section 59 - Customs - PUBLIC NOTICE No. 07/2016

OFFICE OF THE COMMISSIONER OF CUSTOMS ICE HOUSE, 41/A, SASSOON ROAD, PUNE-411001 F. No. VIII/Cus/9-03/Tech/S.O./2016 Dated: 02.06.2016 PUBLIC NOTICE No. 07/2016 Subject: Amendment to Ch IX of the Customs Act, 1962 - Bond required to be filed under section 59 - Reg. Attention of all the Importers, Customs Brokers and the Members of the Trade is invited to the Board's Circular No. 18/2016-Customs dated 14.5.2016 on the above subject. 2. Pursuant to the enactment of the Finance Bill 2016, Section 59 of the Customs Act, 1962 stands amended consequent to which, an importer is to execute a triple duty bond at the Customs station of import with respect to the goods to be cleared for deposit in a warehouse. The bond will remain valid till the warehoused goods are duly cleared for home consumption or for export from the warehouse and will also cover the movement of goods from the customs station of import to the warehouse or from one warehouse to another as well as for the due accounting of goods while stored in a warehouse. 3. The Bonds to be executed by the importer under subsection (1) or sub-section (2) of section 59 of the Customs Act have been finalized in consultation with the Ministry of Law Justice and are annexed. The format of bonds prescribed under this Circular supersedes the existing bonds prescribed under Board's Circular F.No.473/82/78-Cus VII dated 20th April, 1978. 4. Difficulties, if any, may be brought to the notice of the undersigned. (Vasa Seshagiri Rao) Commissioner, Customs, Pune