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of <h1>Customs Act Section 18: Revised Provisional Assessment Guidelines Remove 20% Duty Deposit, Streamline Security Requirements for Importers.</h1> The circular outlines revised guidelines for provisional assessment under Section 18 of the Customs Act, 1962. It rescinds the Customs (Provisional Duty Assessment) Regulations 2011, emphasizing the procedure for provisional assessment as per Section 18. Importers must execute a bond and furnish security, which can be a bank guarantee or cash deposit. The requirement for a 20% differential duty deposit is removed to reduce transaction costs and delays. Different security requirements are specified for various importer classes, including exemptions for Authorized Economic Operators and public sector undertakings. The guidelines aim to ensure uniformity, transparency, and predictability in provisional assessments.
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