<h1>CBEC Circular Removes Rs. 3000 Revenue Deposit Requirement for Vessels Under Customs Act Section 42, Simplifying Procedures.</h1> The Central Board of Excise and Customs (CBEC) has issued a new circular eliminating the requirement for a revenue deposit of Rs. 3000 under section 42 of the Customs Act, 1962. This decision withdraws previous instructions mandating security deposits for foreign-going and coastal vessels. Previously, individual vessels had to deposit Rs. 3000 and Rs. 1000, respectively, while shipping lines handling multiple vessels deposited Rs. 15,000 and Rs. 5,000. The removal of this deposit requirement is seen as a positive development, simplifying procedures for foreign-going coastal vessels.