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of <h1>Importers Must Furnish Security u/s 59(3) of Customs Act 1962; Exemptions for Specific Entities and Goods Apply.</h1> The circular outlines the requirements for importers under Section 59(3) of the Customs Act, 1962, regarding the furnishing of security for warehousing goods. Importers must submit a bond equal to three times the assessed duty on goods, either for a single consignment or multiple imports. Certain importers, such as government entities and specific industries, are exempt from security requirements. Others must provide transit insurance or bank guarantees based on the warehousing period. Sensitive goods like alcohol and tobacco have specific security conditions. The Principal Commissioner of Customs can extend warehousing periods, considering the condition of goods. Exemptions apply to certain export-oriented units.
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