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<h1>Importers Must Execute Triple Duty Bond Under Customs Act, 1962 for Warehousing; Covers Duties, Interest, and Penalties.</h1> Section 59 of the Customs Act, 1962 mandates that importers presenting a bill of entry for warehousing must execute a bond equal to three times the assessed duty. This bond ensures compliance with the Act, timely payment of duties and interest, and covers penalties for any violations. The Assistant or Deputy Commissioner of Customs may allow a general bond for goods imported within a specified period. The bond remains effective even if goods are transferred to another warehouse. If goods are transferred to another person, the transferee must execute a similar bond and provide the required security.
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