9911796707
TMI BlogAmendment to Ch IX of the Customs Act, 1962 – Bond required to be filed u/s 59 - To be executed a triple duty bond at the customs station of import with respect to the goods to be cleared for deposit in a warehouseX X X X Extracts X X X X X X X X Extracts X X X X ..... esentative, All Principal Commissioners of Customs, All Principal Commissioners of Customs Central Excise, All Commissioners of Customs, All Commissioners of Customs Central Excise. Sub:- Amendment to Ch IX of the Customs Act, 1962 Bond required to be filed under section 59 - reg. Madam/Sir, 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 mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fill amount in words) to be paid to the President, for which payment well and truly to be made, we bind ourselves, our successors, heirs, executors, administrators and legal representatives firmly by these presents. Sealed with our seal(s) this________ day of ___________20 ________. WHEREAS, we the importers have filed a bill of entry No. ______________dated for warehousing under section 46 of the Customs Act, (hereinafter referred to as the said Act) and the same has been assessed to duty under section 17 or section 18 of the said Act ( strike which is not applicable) in respect of goods mentioned below: Port of import Description of goods Sl. No. of invoice Descriptio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsfer of the goods to another warehouse. (2) the President through the Deputy/Assistant Commissioner or any other officer may recover any amount due under this Bond in the manner laid down under sub-section (1) of section 142 of the said Act without prejudice to any other mode of recovery. IN THE WITNESS WHEREOF, the importer has herein, set and subscribed his hands and seals the day, month and year first above written. SIGNED AND DELIVERED by or on behalf of the importer at (place) in the presence of: (Signature(s) of the importer/authorised signatory) Witness: Name Signature Address Occupation 1. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid Act) in respect of warehousing of goods to be imported by us during the period from____________ to_______________ (both days inclusive). NOW THE CONDITIONS of the above written bond is such that, if we: (5) comply with all the provisions of the Act, the rules and regulations made thereunder in respect of such goods; (6) pay on or before the specified date in the notice of demand, all duties and interest payable under sub-section (2) of section 61 of the said Act; and (7) pay all penalties and fines incurred for contravention of the provisions of the said Act or the rules or regulations made thereunder, in respect of such goods; (8) pay in the event of our failure to discharge our obligation, the full amount of duty charge ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the purpose of warehousing of goods to be imported by them. Bill (Warehousing/ Home consumption//Export) No. and date Duty assessed on the goods Bond value to be debited or credited (Thrice the amount of duty) Debit Credit Balance of bond value Remarks Signature of the officer along with full name and designation (1) (2) (3) (4) (5) (6) (7) (8) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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