Customs broker bond security remains available to cover government dues, negligence, and unpaid duty after cessation. Form D requires an authorised Customs Broker to execute a bond and deposit Rs. 5,00,000 as security for faithful compliance by the broker and employees ... Summary
Customs broker bond security remains available to cover government dues, negligence, and unpaid duty after cessation.
Form D requires an authorised Customs Broker to execute a bond and deposit Rs. 5,00,000 as security for faithful compliance by the broker and employees with the Customs Brokers Licensing Regulations, 2018. The security may be appropriated towards Government dues arising from misfeasance or negligence, including unpaid short collections of duty or other charges. It remains available for twelve calendar months after the broker ceases to act, including for liabilities discovered after cessation.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.