Conditions to be fulfilled by applicant

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..... er of Customs or Commissioner of Customs, as the case may be, is satisfied that licence may be granted, he shall require the applicant to,- (a) provide an all risk insurance policy, that includes natural calamities, riots, fire, theft, skillful pilferage and commercial crime, in favour of the President of India, for a sum equivalent to the amount of duty involved on the dutiable goods proposed .....

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