Bond requirement for imported gold requires export of equivalent gold jewellery or payment of duty on shortfall. The amendment requires the importer to execute a bond in a form and for a sum specified by the Assistant Commissioner of Customs, undertaking to export gold jewellery or articles containing gold equivalent to the imported gold, inclusive of findings, mountings and solders, within the stipulated or extended period, and binds the importer to pay on demand duty on the quantity of gold representing the difference between the quantity imported and that contained in the exported jewellery or articles.
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Provisions expressly mentioned in the judgment/order text.
Bond requirement for imported gold requires export of equivalent gold jewellery or payment of duty on shortfall.
The amendment requires the importer to execute a bond in a form and for a sum specified by the Assistant Commissioner of Customs, undertaking to export gold jewellery or articles containing gold equivalent to the imported gold, inclusive of findings, mountings and solders, within the stipulated or extended period, and binds the importer to pay on demand duty on the quantity of gold representing the difference between the quantity imported and that contained in the exported jewellery or articles.
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