Regarrding the amount of bond and bank guarantee and insurance under Regulation 5(1)(iii) of HCCAR, 2009.

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..... Chief Commissioners of Customs. All Chief Commissioners of Custom and Central Excise. All Commissioners of Customs. All Commissioners of Customs and Central Excise. Sir/ Madam, Attention is invited to provisions of Handling of Cargo in Customs Area Regulations (HCCAR), 2009 which deals with the manner of receipt, storage, etc of import and export goods in a Customs Area. 2. It has b .....

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..... mount equal to the average value of goods likely to be stored in the customs area based on projected capacity and for an amount as Commissioner of Customs may specify having regard to the goods which are already been insured by the importers or exporters. Further, Regulation 5(3) of HCCAR, 2009 mandates CCSPs shall execute a bond equal to the average amount of duty involved on imported goods a .....

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..... ch would remove procedural hassles. It is also seen that under Regulation 10 of HCCAR, 2009 the new CCSPs are approved initially for 2 years, which is renewed for 5 years at a time, while existing CCSPs are straightaway approved for 5 Years. Thus, as a simplification measure, Board has decided that the carrier bond executed by CCSPs i.e. ICDs/CFSs shall have a validity period of 2 years or 5 y .....

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