Customs carrier bond requires registered sea cargo carriers to secure faithful compliance and pay on regulatory default. Form XI requires an authorised carrier registered under the Sea Cargo Manifest and Transhipment Regulations, 2018 to execute a bond in favour of the ... Summary
Customs carrier bond requires registered sea cargo carriers to secure faithful compliance and pay on regulatory default.
Form XI requires an authorised carrier registered under the Sea Cargo Manifest and Transhipment Regulations, 2018 to execute a bond in favour of the President of India and deposit security of five lakhs. The bond secures faithful conduct by the carrier and its employees and requires compliance with regulatory obligations. Non-compliance makes the bonded amount payable to the Government on demand. Payment discharges the bond; otherwise, it remains in force. Execution, witness attestation, and acceptance by the designated Customs Commissioner are required.
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