Excise bonds secure statutory compliance and duty liabilities, with specified forms, surety or security options and enforcement mechanisms. Bonds under central excise secure compliance and duty payment with specific Forms for distinct purposes (e.g., B-1 for duty-free export, B-2 for provisional assessment, B-3 for rewarehousing/export) prescribing bond amounts and security requirements. Bonds may be Surety Bonds-imposing co-extensive liability on sureties with solvency verification-or Security Bonds-accepting specified government or bank instruments under GFR conditions. Bank guarantees require prescribed formats, validity and enforcement periods. Execution formalities include stamping, prescribed wording, authorized signatories, acceptance by designated officers, preservation until discharge, and formal cancellation. Certain government-managed undertakings are exempt from furnishing surety or security.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Excise bonds secure statutory compliance and duty liabilities, with specified forms, surety or security options and enforcement mechanisms.
Bonds under central excise secure compliance and duty payment with specific Forms for distinct purposes (e.g., B-1 for duty-free export, B-2 for provisional assessment, B-3 for rewarehousing/export) prescribing bond amounts and security requirements. Bonds may be Surety Bonds-imposing co-extensive liability on sureties with solvency verification-or Security Bonds-accepting specified government or bank instruments under GFR conditions. Bank guarantees require prescribed formats, validity and enforcement periods. Execution formalities include stamping, prescribed wording, authorized signatories, acceptance by designated officers, preservation until discharge, and formal cancellation. Certain government-managed undertakings are exempt from furnishing surety or security.
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