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<h1>Bank Accounts Unfrozen: Petitioners Secure Funds with Fixed Deposit and Bond Await Customs Show Cause Notice by 2025.</h1> The HC of Bombay disposed of two petitions concerning the provisional attachment of the Petitioners' bank accounts under the Customs Act, 1962. The ... Provisional attachment of bank accounts of the Petitioners - Section 110 (5) of the Customs Act, 1962 - HELD THAT:- In similar circumstances, this Hon'ble Court in Bharat F. Parmar, Karta of M/s. Kaka Gold vs. Union of India and Ors.[2023 (11) TMI 271 - BOMBAY HIGH COURT], where the value of the alleged purchases were Rs.22 crore. Considering the duty at the rate of 10%, the duty was roughly estimated at Rs.2 crores in paragraph 8. Subsequently, the Hon'ble Court gave directions on page 5, below paragraph 9. The party therein was, inter alia, asked to keep a sum of Rs. 1.5 crores in fixed deposit and mark a lien in favour of the Revenue. The parties have pleaded that similar conditions may be imposed in the facts of the present case. The Petitioners would execute a bond to protect the revenue from liability arising out of any O-I-O to be passed, subject to its rights to contest the order in accordance with law - On the Petitioners securing the Revenue with the bond and the fixed deposit as stated above, the Respondents would defreeze all the accounts mentioned in the letter dated 11 January 2024 and 11 July 2024. Petition disposed off. The High Court of Bombay disposed of two petitions where the Respondents provisionally attached the Petitioners' bank accounts under the Customs Act, 1962. The Petitioners, directors of M/s. Unique Chains Private Limited, were directed to keep a fixed deposit of Rs. 1.15 crore with a lien in favor of the Revenue until adjudication proceedings are concluded. The Respondents agreed to defreeze the accounts upon securing the Revenue with a bond and fixed deposit. Show cause notice to be issued by 31 March 2025. Both petitions were disposed of with no costs, and all parties' contentions were kept open.
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