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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New Guidelines for CCSPs: Insurance Based on Average 30-Day Goods Value, Carrier Bond Validity Extended Under Regulation 5(1)(iii.</h1> The circular addresses the requirements for bond, bank guarantee, and insurance under Regulation 5(1)(iii) of the HCCAR, 2009. It clarifies that the insurance amount for Customs Cargo Service Providers (CCSPs) should be based on the average value of goods likely to be stored over 30 days, considering existing insurance by importers or exporters. Additionally, the circular extends the validity of the carrier bond for CCSPs to either 2 or 5 years, depending on their approval status, to reduce procedural burdens. Public notices are to be issued for guidance, and any difficulties should be reported to the Board.
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