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of <h1>Customs Act Update: Revised Guidelines for Provisional Assessment u/s 18, Removing 20% Deposit Requirement for Importers.</h1> The circular outlines guidelines for provisional assessment under Section 18 of the Customs Act, 1962. It revises the Customs (Provisional Duty Assessment) Regulations 2011, emphasizing the need for importers to execute a bond and provide security, such as a bank guarantee or cash deposit, for the payment of any duty deficiency. The requirement for a 20% deposit of the provisional duty is removed to reduce transaction costs and delays. The circular specifies different security requirements based on the class of importer and nature of import, aiming for uniformity and transparency in provisional assessments.
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