Storage bond requirement for molasses: manufacturers must execute a special bond and guarantee duty on losses. Manufacturers storing molasses in katcha pits must execute a special bond-modeled on the prior B-2 form but omitting reference to the deleted Rule 48-providing a guarantee by cash or securities to secure payment of excise duty and charges. The bond requires observance of Central Excise Rules on duty payment, an express undertaking to pay full duty for molasses lost, deteriorated, damaged or destroyed (including by natural causes), waiver of remission claims, and authorises demand and recovery from deposited securities on written notice.
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Storage bond requirement for molasses: manufacturers must execute a special bond and guarantee duty on losses.
Manufacturers storing molasses in katcha pits must execute a special bond-modeled on the prior B-2 form but omitting reference to the deleted Rule 48-providing a guarantee by cash or securities to secure payment of excise duty and charges. The bond requires observance of Central Excise Rules on duty payment, an express undertaking to pay full duty for molasses lost, deteriorated, damaged or destroyed (including by natural causes), waiver of remission claims, and authorises demand and recovery from deposited securities on written notice.
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