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of <h1>New Guidelines for Provisional Assessments u/s 18 of Customs Act 1962: Bond, Security Required, 20% Deposit Removed.</h1> The circular outlines guidelines for provisional assessment under Section 18 of the Customs Act, 1962, addressing importers, exporters, and stakeholders. It specifies that provisional assessments require a bond and security, such as a bank guarantee or cash deposit, but not sureties. The requirement for a 20% deposit is removed to reduce transaction costs and delays. The circular categorizes importers and specifies security amounts, with certain exemptions for Authorized Economic Operators and government entities. It clarifies that provisional assessments apply to duty disputes, not conditions under other acts, and invites feedback on implementation difficulties.
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