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of <h1>Bond Requirements for Goods Transport: Compliance with Customs Act, Foreign Trade & Foreign Exchange Management Acts Ensured</h1> The requirements for a bond under the Transportation of Goods (Through Foreign Territory) Regulations, 2020. The obligor, a business entity, agrees to bind itself to the President of India for a specified sum. The bond ensures compliance with the Customs Act, Foreign Trade (Development and Regulation) Act, and Foreign Exchange Management Act. If obligations are met, the bond is void; otherwise, it remains in effect. The bond is executed with the approval of a Customs officer and includes details such as the value of goods and relevant customs declarations.
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