TaxTMI 
TaxTMI 
Amendment to Ch IX of the Customs Act, 1962 – Bond required to be filed u/s 59 - To be executed a triple duty bond at the customs station of import with respect to the goods to be cleared for deposit in a warehouse
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....f Customs, All Principal Commissioners of Customs & Central Excise, All Commissioners of Customs, All Commissioners of Customs & Central & Excise. Sub:- Amendment to Ch IX of the Customs Act, 1962 - Bond required to be filed under section 59 - reg. Madam/Sir, Pursuant to the enactment of the Finance Bill 2016, section 59 of the Customs Act, 1962 stands amended consequent to which, an importer is to execute a triple duty bond at the customs station of import with respect to the goods to be cleared for deposit in a warehouse. The bond will remain valid till the warehoused goods are duly cleared for home consumption or for export from the warehouse and will also cover the movement of goods from the customs station of import to the war....
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...., we bind ourselves, our successors, heirs, executors, administrators and legal representatives firmly by these presents. Sealed with our seal(s) this________ day of ___________20 ________. WHEREAS, we the importers have filed a bill of entry No. ______________dated for warehousing under section 46 of the Customs Act, (hereinafter referred to as the said Act) and the same has been assessed to duty under section 17 or section 18 of the said Act ( strike which is not applicable) in respect of goods mentioned below: Port of import Description of goods Sl. No. of invoice Description and No. of Package s Value Warehouse Code and address (1) (2) (3) (4) (5) (6) AND WHEREAS Section 59(1) of the said Act requires the execution of a b....
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.... written. SIGNED AND DELIVERED by or on behalf of the importer at (place) in the presence of: (Signature(s) of the importer/authorised signatory) Witness: Name &Signature Address Occupation 1. 2. Accepted by me this ____ day of 20_______ , for and on behalf of the President of India. (Assistant/Deputy Commissioner) Signature and date Name: General Bond ( To be executed by the importer under sub-section (2) of Section 59 of the Customs Act, 1962 for the purpose of warehousing of goods to be imported by them) [In terms of Circular No.18 / 2016-Customs] KNOW ALL MEN BY THESE PRESENTS THAT we M/s______________________having our office located at_________________________________ and holding Import -Export Code No.________________....
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....ct of such goods; (8) pay in the event of our failure to discharge our obligation, the full amount of duty chargeable on account of such goods together with their interest, fine and penalties payable under section 72 of the said Act, in respect of such goods; Then the above written bond shall be void and of no effect otherwise the same shall remain in full force and virtue. IT IS HEREBY AGREED AND DECLARED that: (3) the Bond shall continue in full force notwithstanding the transfer of goods to another warehouse. (4) the President through the Deputy/Assistant Commissioner of Customs or any other officer may recover any amount due under this Bond in the manner laid down under sub-section (1) of section 142 of the said Act without prej....