Form No. Form B – 17 - General Bond (with Surety/Security) to be executed by the Export Oriented Units /Units in the Electronic Hardware Technology Park/Software Technology Park/ Bio-Technology Park.
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Customs and excise bond obligations secure compliance with duty, export conditions, recordkeeping and payment on demand. General Bond Form B 17 binds export oriented units and their sureties jointly and severally to secure observance of Customs and Central Excise laws and ... Summary
Customs and excise bond obligations secure compliance with duty, export conditions, recordkeeping and payment on demand.
General Bond Form B 17 binds export oriented units and their sureties jointly and severally to secure observance of Customs and Central Excise laws and Foreign Trade Policy, to maintain prescribed accounts and evidence of use, to prevent pilferage, and to fulfill export obligations. It requires deposit/endorsement of cash or securities, permits provisional assessment with post assessment payment on demand, preserves continuous liability despite transfer of goods, and provides that the surety remains liable notwithstanding Government forbearance, with recovery from security or enforcement of bond rights.
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