Special bond for molasses storage requires manufacturers to guarantee duty and waive remission on losses. Manufacturers storing molasses in katcha pits must execute a special bond, backed by cash or securities, to guarantee payment of excise duty and other charges on molasses stored at their risk. The bond obliges observance of Central Excise Rules, an undertaking to pay full duty for molasses lost, damaged or destroyed (including by natural causes), a waiver of claims for remission under rule 49, and payment of demanded dues into the treasury within ten days of written demand, with recovery from the deposit or bond on breach.
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Special bond for molasses storage requires manufacturers to guarantee duty and waive remission on losses.
Manufacturers storing molasses in katcha pits must execute a special bond, backed by cash or securities, to guarantee payment of excise duty and other charges on molasses stored at their risk. The bond obliges observance of Central Excise Rules, an undertaking to pay full duty for molasses lost, damaged or destroyed (including by natural causes), a waiver of claims for remission under rule 49, and payment of demanded dues into the treasury within ten days of written demand, with recovery from the deposit or bond on breach.
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