Security for transfer bonds: require full bank guarantees and strict rewarehousing monitoring to secure customs duty recovery. The directive requires transfer bonds under Section 67 to be backed by a full bank guarantee to enable immediate recovery of customs duty on default, ... Summary
Security for transfer bonds: require full bank guarantees and strict rewarehousing monitoring to secure customs duty recovery.
The directive requires transfer bonds under Section 67 to be backed by a full bank guarantee to enable immediate recovery of customs duty on default, mandates strict monitoring and insistence on rewarehousing certificates within prescribed periods, calls for retrospective review and recovery actions in past transfer-bond cases, and orders detailed audits of inland bonded warehouses to detect abuse and initiate appropriate legal action.
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