Grant of waiver of the requirement of Bank Guarantee in respect of imported goods to be warehoused in Public or Private Bonded Warehouses – regarding

Bank guarantee requirement for bonded warehouses reaffirmed to ensure uniform customs security and safeguard duty liabilities.

The circular mandates uniform compliance with earlier procedures requiring a security by cash deposit or bank guarantee for goods classified as sensitive in both Private Bonded Warehouses and privately owned Public Bonded Warehouses, affirms that non-sensitive goods are to be secured by double-duty bond with surety, preserves commissioner discretion to demand guarantees where bonder transactions are doubtful, and instructs field formations to notify trade and acknowledge receipt.