Bond obligations for export-oriented units require customs and excise compliance and security for duties payable on demand. General Bond B-17 binds obligors and sureties jointly and severally to observe the Customs Act and Central Excise Act and related rules when receiving, ... Summary
Bond obligations for export-oriented units require customs and excise compliance and security for duties payable on demand.
General Bond B-17 binds obligors and sureties jointly and severally to observe the Customs Act and Central Excise Act and related rules when receiving, manufacturing and removing duty-free goods. Obligors must pay duties, charges, interest and penalties on demand; fulfil export obligations and policy conditions; discharge provisional assessment dues promptly; ensure no pilferage; maintain and produce detailed accounts; provide customs/excise supervision amenities; and accept that the surety remains liable despite extensions or forbearance, while authorities may recover sums under statutory recovery provisions.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.