Security under section 59(3) Customs Act: exemptions, transit insurance and staged bank guarantee requirements for warehoused imports. Security under section 59(3) requires an importer who executes a warehousing bond to furnish security; specified public bodies, power and project imports, petroleum, shipbuilding inputs, manufacture-in-bond units, diplomatic and duty free consignments, and ship/airline stores are exempt. Transit requires comprehensive transit risk insurance in favour of the President of India, subject to narrow operational exceptions. For storage, no security is needed for the first year, with progressive bank guarantee requirements for extensions; sensitive goods attract higher guarantees and private bonded warehouse storage requires a bank guarantee equivalent to duty at import.
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 section 59(3) Customs Act: exemptions, transit insurance and staged bank guarantee requirements for warehoused imports.
Security under section 59(3) requires an importer who executes a warehousing bond to furnish security; specified public bodies, power and project imports, petroleum, shipbuilding inputs, manufacture-in-bond units, diplomatic and duty free consignments, and ship/airline stores are exempt. Transit requires comprehensive transit risk insurance in favour of the President of India, subject to narrow operational exceptions. For storage, no security is needed for the first year, with progressive bank guarantee requirements for extensions; sensitive goods attract higher guarantees and private bonded warehouse storage requires a bank guarantee equivalent to duty at import.
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