Security under Customs Act: waivers for specified imports and staged bank guarantee requirements for warehoused goods. Section 59(3) requires importers to furnish security in addition to a bond for warehoused goods; specific categories (government imports, power-project machinery, project imports, petroleum, shipbuilding inputs, manufacture-in-bond units, supplies to diplomats/duty-free shops/ship and airline stores) are exempt. Transit requires comprehensive transit risk insurance in favour of the President of India covering duty for movements between customs stations and warehouses, with limited waivers. Storage follows staged bank guarantee requirements after the initial one-year free period, higher rates for sensitive goods, special rules for private bonded warehouses, and port-level extension authority vested in the Principal Commissioner/Commissioner of Customs.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Security under Customs Act: waivers for specified imports and staged bank guarantee requirements for warehoused goods.
Section 59(3) requires importers to furnish security in addition to a bond for warehoused goods; specific categories (government imports, power-project machinery, project imports, petroleum, shipbuilding inputs, manufacture-in-bond units, supplies to diplomats/duty-free shops/ship and airline stores) are exempt. Transit requires comprehensive transit risk insurance in favour of the President of India covering duty for movements between customs stations and warehouses, with limited waivers. Storage follows staged bank guarantee requirements after the initial one-year free period, higher rates for sensitive goods, special rules for private bonded warehouses, and port-level extension authority vested in the Principal Commissioner/Commissioner of Customs.
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