Release of seized goods on security bond requires compliance with bond conditions and payment of dues upon demand. A security bond under Rule 31 and sub rule (3) of rule 206 of the Central Excise Rules, 1944 binds obligor(s) jointly and severally for a stated sum, secured by a cash deposit and endorsed securities in favour of the President of India, to obtain release of goods seized pending adjudication. Conditions require observance of relevant Central Excise Rules; payment of all dues-duty, value, penalty or other lawful charges-into the treasury within ten days of written demand to the satisfaction of the officer; and production of the goods when directed unless totally perished; breach permits appropriation of the deposit towards assessed dues.
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Provisions expressly mentioned in the judgment/order text.
Release of seized goods on security bond requires compliance with bond conditions and payment of dues upon demand.
A security bond under Rule 31 and sub rule (3) of rule 206 of the Central Excise Rules, 1944 binds obligor(s) jointly and severally for a stated sum, secured by a cash deposit and endorsed securities in favour of the President of India, to obtain release of goods seized pending adjudication. Conditions require observance of relevant Central Excise Rules; payment of all dues-duty, value, penalty or other lawful charges-into the treasury within ten days of written demand to the satisfaction of the officer; and production of the goods when directed unless totally perished; breach permits appropriation of the deposit towards assessed dues.
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