General bond for EOUs/FTZ secures duty-free procurement and export, imposing accounting, performance and liability obligations on obligors. The amendment introduces Form B-17, a General Bond for EOUs/FTZ/STP/EHTP obligors and sureties to secure duty free procurement, provisional assessment and export of excisable goods. It requires furnishing of cash or securities, joint and several liability to the President of India, compliance with Customs and Central Excise Acts and rules, payment on demand of duties and penalties, maintenance of records, proof of arrival, responsibility for pilferage, provision of officer amenities and fulfilment of export and policy conditions, with recovery permitted under statutory recovery provisions.
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General bond for EOUs/FTZ secures duty-free procurement and export, imposing accounting, performance and liability obligations on obligors.
The amendment introduces Form B-17, a General Bond for EOUs/FTZ/STP/EHTP obligors and sureties to secure duty free procurement, provisional assessment and export of excisable goods. It requires furnishing of cash or securities, joint and several liability to the President of India, compliance with Customs and Central Excise Acts and rules, payment on demand of duties and penalties, maintenance of records, proof of arrival, responsibility for pilferage, provision of officer amenities and fulfilment of export and policy conditions, with recovery permitted under statutory recovery provisions.
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