Custodian bond requirement revised to rest on average duty with supporting security; government undertakings exempted from deposit. Custodians must execute a bond equal to the average duty on goods likely to be stored for the short-term storage period, supported by a bank guarantee, Government bond, or cash deposit equal to a prescribed proportion of that average duty; Central and State Government undertakings are exempt from the requirement to furnish the supporting bank guarantee or cash deposit. Existing bonds and guarantees may be revised and the change should be notified by public notice or standing order, with implementation difficulties reported to the Board.
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Custodian bond requirement revised to rest on average duty with supporting security; government undertakings exempted from deposit.
Custodians must execute a bond equal to the average duty on goods likely to be stored for the short-term storage period, supported by a bank guarantee, Government bond, or cash deposit equal to a prescribed proportion of that average duty; Central and State Government undertakings are exempt from the requirement to furnish the supporting bank guarantee or cash deposit. Existing bonds and guarantees may be revised and the change should be notified by public notice or standing order, with implementation difficulties reported to the Board.
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