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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New Guidelines for Custodians: Bond Based on Average Duty with 10% Guarantee Requirement; Govt Undertakings Exempt.</h1> The circular outlines revised guidelines for appointing custodians of sea ports and air cargo complexes. It modifies the requirement for custodians to execute a bond. Previously, the bond was equal to the value of goods stored for 30 days, but now it is based on the average duty involved for the same period. This bond must be supported by a bank guarantee, government bond, or cash deposit equivalent to 10% of the duty. Central and State Government undertakings are exempt from providing a bank guarantee or cash deposit. The circular advises revising existing bonds and disseminating these changes through public notices.
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