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of <h1>Finance Bill 2016 introduces Section 59 in Customs Act, requiring importers to execute a warehousing bond thrice the assessed duty.</h1> Clause 123 of the Finance Bill, 2016 proposes a new section 59 in the Customs Act, mandating importers to execute a warehousing bond equal to three times the assessed duty on goods. The 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 specific period. The bond remains valid even if goods are transferred to another warehouse, and transferees must also execute a bond and provide security as required.
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