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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Customs Brokers must deposit 5,00,000 bond under Licensing Regulations 2013 to ensure compliance and cover potential losses.</h1> The a bond agreement under the Customs Brokers Licensing Regulations, 2013, requiring a Customs Broker to deposit 5,00,000 as security with the President of India. This bond ensures the broker and their employees adhere to regulations and compensate for any financial losses due to misfeasance or negligence. The bond remains valid for twelve months after the broker ceases operations, allowing the government to claim unpaid dues. The bond is sealed and delivered in the presence of witnesses and is accepted by the Principal Commissioner or Commissioner of Customs on behalf of the President of India.
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