see regulation 8 - Customs Brokers Licensing Regulations, 2018

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....nistrators firmly by these present dated this ....................... day of .......................in the year two thousand........................ Whereas the said ....................... has been authorized to act as a Customs Broker under section 146 of the Customs Act, 1962 (52 of 1962), and the said ....................... has agreed to enter into this bond as required by the Customs Brok....

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....nce of the said ....................... or of his employees have not been paid to the President of India then the above written bond shall be void; otherwise the same shall be and remain in full force and virtue and it is hereby agreed and declared that the President of India may apply the said sum of Rs. 5,00,000/- (Rupees Five Lakh) only deposited as aforesaid in making good to the President of ....

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....a may apply the above sum of Rs. 5,00,000/- (Rupees Five Lakh) only in making good wholly or in part any short collection of duty or other charges in respect of any transaction made by the said ....................... on behalf of importers or exporters in the event of such sums remaining unpaid, even after issue of demands under section 28 of the Customs Act, 1962 (52 of 1962). Signed, sealed ....