Finance Ministry Amends Sea Cargo Regulations: Extends Declaration Validity, Lowers Bond Requirements Under Customs Act 1962.

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....The Ministry of Finance, Department of Revenue, issued Notification No. 47/2024-Customs (N.T.) on 30th June, 2024, amending the Sea Cargo Manifest and Transhipment Regulations, 2018. The amendment extends the validity in regulation 15 from "till 30th June 2024" to "till 31st August 2024" for furnishing the declaration in old form. Additionally, in Form XI, the monetary amounts for furnishing of Bond and bank guarantee. are revised from "Rs. ten lakhs" to "Rs. five lakhs" for various instances. This amendment is made under the Customs Act, 1962, and comes into effect upon publication in the Official Gazette. The previous amendments were notified on 28th March 2024.....