Warehousing bond requirement secures duties, interest and penalties for importers and transferees under customs warehousing rules. The provision requires an importer presenting a bill of entry for warehousing and assessed to duty to execute a warehousing bond (three times the duty) binding compliance with the Act, payment of duties and interest, and payment of penalties; the Commissioner may permit a general bond for specified imports; prescribed security must also be furnished; bonds persist after warehouse transfers; transferees must execute the required bond and furnish security.
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 requirement secures duties, interest and penalties for importers and transferees under customs warehousing rules.
The provision requires an importer presenting a bill of entry for warehousing and assessed to duty to execute a warehousing bond (three times the duty) binding compliance with the Act, payment of duties and interest, and payment of penalties; the Commissioner may permit a general bond for specified imports; prescribed security must also be furnished; bonds persist after warehouse transfers; transferees must execute the required bond and furnish security.
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