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of <h1>Importers Must Execute Bond 3x Assessed Duty for Warehousing Under Section 59 of Customs Act, 1962</h1> Under Section 59 of the Customs Act, 1962, an importer presenting a bill of entry for warehousing must execute a bond equal to three times the assessed duty on the goods. This bond ensures compliance with the Act, payment of duties and interest, and penalties for any contraventions. The Assistant or Deputy Commissioner of Customs may allow a general bond for goods imported within a specified period. The bond remains valid even if goods are transferred to another warehouse or person, with the transferee required to execute a similar bond and provide security. This provision was amended by the Finance Act, 2016.
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