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of <h1>Customs Act Update: Section 59 Amended to Require Triple Duty Bond for Warehoused Goods Under Finance Bill 2016.</h1> The Customs Act, 1962 has been amended following the enactment of the Finance Bill 2016, specifically affecting Section 59. Importers are now required to execute a triple duty bond at the customs station of import for goods to be warehoused. This bond remains valid until the goods are cleared for home consumption or export and covers the movement and accounting of goods between customs stations and warehouses. The new bond format, developed in consultation with the Ministry of Law & Justice, replaces the previous format from 1978. Any issues should be reported to the relevant customs authority.
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