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of <h1>Provisional Duty Assessment under Customs Act, 1962: Temporary Duty Assessment Process, Bond Requirements, and Six-Month Finalization Timeline.</h1> Provisional assessment under the Customs Act, 1962 allows for the temporary assessment of duties on imported or exported goods when certain information or documents are unavailable. This process prevents financial losses due to delays in clearance. It requires the importer or exporter to execute a bond with security to cover any potential duty differences. The Customs (Provisional Duty Assessment) Regulations, 1963 guide the execution of such bonds, including surety and security requirements. Provisional assessments should be finalized within six months, particularly for complex cases involving machinery contracts or large projects.
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