Systemic improvements regarding modification in the Bond (B-17) Execution process

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....sioners/ Chief Commissioners of Customs/ Customs (Prev.) All Pr. Chief Commissioners/ Chief Commissioners of Central Tax/ Central Excise All Pr. Commissioners/ Commissioners of Customs/ Customs (Prev.) All Pr. Commissioners/ Commissioners of Central Tax and Central Excise Madam/Sir, Subject: - Systemic improvements regarding modification in the Bond (B-17) Execution process -regarding In cas....

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....o. 42/98-Customs dated 19.06.1998 acknowledging the fact that some units were not able to organise prescribed individual/corporate surety equivalent to the bond amount, allowed such units to execute the bond coupled with a security amount. 3. CBIC vide circular no. 66/98-Customs dated 15.09.1998 further directed that the solvency of sureties may also be certified by a Chartered Accountant or the ....

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....d resulting in loss of Government revenue. 5. Matter has been examined in the Board. "Surety" is a person/individual who undertakes an obligation to pay a sum of money or to perform some duty or promise for another in the event that person (obligor) fails to act. A sole Proprietorship firm is not a legal entity distinct from its proprietor. Hence, question of Proprietor himself standing as surety....