Warehousing bond

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....y with all the provisions of the Act and the rules and regulations made thereunder in respect of such goods; (b) to pay, on or before the date specified in the notice of demand, all duties and interest payable under sub-section (2) of section 61; and (c) to pay all penalties and fines incurred for the contravention of the provisions of this Act or the rules or regulations, in respect of such goo....

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....a bond in the manner specified in sub-section (1) or sub-section (2) and furnish security as specified under sub-section (3).] ------------------ Notes:- 1. Substituted vide THE FINANCE ACT, 2016 w.e.f. May 14, 2016, before it was read as, "SECTION 59. Warehousing bond. - (1) The importer of any goods specified in sub-section (1) of section 61, which have been entered for warehousing and ....

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....the provisions of this Act and the rules and regulations in respect of such goods. (2) For the purposes of sub-section (1), the Assistant Commissioner of Customs or Deputy Commissioner of Customs may permit an importer to enter into a general bond in such amount as the Assistant Commissioner of Customs or Deputy Commissioner of Customs may approve in respect of the warehousing of goods to be impo....