Warehousing bond requirements govern importers' duty, security, and continuing obligations when goods move between warehouses. Importers of warehoused goods assessed to duty must execute a warehousing bond equal to thrice the duty assessed, undertaking to comply with the Customs Act and related rules, pay duties and interest when due, and discharge penalties and fines for contraventions. Customs may permit a general bond for goods to be warehoused within a specified period, and the importer must also furnish prescribed security. The bond continues despite transfer to another warehouse, and a transferee must execute a fresh bond and furnish security where goods are transferred.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Warehousing bond requirements govern importers' duty, security, and continuing obligations when goods move between warehouses.
Importers of warehoused goods assessed to duty must execute a warehousing bond equal to thrice the duty assessed, undertaking to comply with the Customs Act and related rules, pay duties and interest when due, and discharge penalties and fines for contraventions. Customs may permit a general bond for goods to be warehoused within a specified period, and the importer must also furnish prescribed security. The bond continues despite transfer to another warehouse, and a transferee must execute a fresh bond and furnish security where goods are transferred.
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