Continuity bond secures provisional customs assessments, obliging importer to produce licences and pay duty shortfalls.

Continuity bond requires the importer to produce required import licences and documents within one month or any extended period, to pay the difference between finally assessed and provisionally assessed duty, and to pay any penalty adjudged in lieu of confiscation. The bond creates a continuing liability for all consignments imported during a specified period, secures payment to the President of India, is executed without surety by certain public entities, and permits recovery under sub section (1) of Section 142 of the Customs Act, 1962.

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