Compliance of requirement of execution of bond in terms of section 59(5) of Customs Act

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.... 'Act') applicable in respect of the imported goods warehoused in Customs bonded warehouse in terms of the provisions of Chapter-IX of the Act. The importer intending to warehouse the imported goods in terms of the Provisions Chapter-IX of the Act is required to execute a Triple duty bond at the Custom station of importer in terms of Section 59(1) / 59(2) of the Act read with Board's Circular No. 18/2016-Customs dated 14.05.2016. As per Section 59(4) of the Act, the bond executed by the importer shall continue to be in force notwithstanding the transfer of such goods to another warehouse Sub-Section (5) of Section 59 of the Act further provides that where the whole of the imported goods or any part thereof are transferred to ano....

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....e requisite bond, as stipulated under Section 59(5) of the Act ibid has actually been filed. 3. Therefore, with the twin purpose of ensuring compliance of requirement of execution of bond in terms of section 59(5) of the Act by the buyer of warehoused goods and its effective monitoring by the concerned customs station of import, the following procedure is laid down: 4.1 Any person intending to purchase/ remove warehoused goods shall submit an application in the Bond Section of the ACC Import, New Delhi, along with the confirmation letter issued by the importer/owner of such goods clearly establishing the sale of whole or part of the warehoused goods by the importer to the transferee w.e.f 01/03/2019. 4.2 The application....

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....y Commissioner of the Port of Import after accepting the bond shall send a written communication to the Bond Officer having jurisdiction over the warehouse indicating there in the details of warehoused goods to be transferred and the number and date of the bond executed by the buyer. 4.6 The buyer will submit before the Assistant/ Deputy Commissioner, having jurisdiction over the warehouse where the subject goods are deposited, requisite application in the form of Annexure as prescribed under Regulation-3 of the Warehoused Goods (Removal) Regulations, 2016. 4.7 The Assistant/ Deputy Commissioner (Bond) incharge of the warehouse, shall after due verification of the details of the subject goods permit for transfer of warehou....