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Amendment to Ch IX of the Customs Act, 1962 Bond required to be filed under section 59
May, 17th 2016
                                                              Circular No.18 / 2016-Customs

                              F.No: 484/03/2015 ­ LC (Vol II)
                                       Govt. of India
                                     Ministry of Finance
                                      Dept. of Revenue
                             Central Board of Excise & Customs

                                       *************

                                                               New Delhi, dated 14th May 2016
To,

All Principal Chief Commissioners Customs,
All Principal Chief Commissioners of Customs & Central Excise,
All Chief Commissioners of Customs,
All Chief Commissioners of Customs & Central Excise,
All Directors General, Chief Departmental Representative,
All Principal Commissioners of 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 warehouse or from one warehouse to another as well as for the due accounting of
goods while stored in a warehouse.

2.      The Bonds to be executed by the importer under subsection (1) or sub-section (2) of
section 59 of the Customs Act have been finalized in consultation with the Ministry of Law &
Justice and are annexed. The format of bonds prescribed under this circular supersedes the
existing bonds prescribed under Board's Circular F.No: 473 / 82 / 78 ­ Cus VII dated 20 th April
1978.

3.     Difficulties, if any, should be brought to the notice of the Board.

4.     Hindi version follows.


                                                                                      (S.Kumar)
                                                                         Commissioner (Customs)
                                    Consignment Bond
 (Bond to be executed by the importer under sub-section (1) 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 Import­Export Code No.                                           , hereinafter referred to
as the "importer", (which expression shall include our successors, heirs, executors,
administrators and legal representatives) hereby jointly and severally bind ourselves to the
President of India hereinafter referred to as the "President" (which expression shall include his
successors and assigns) in the sum of Rs.                                     (please fill amount
in words) to be paid to the President, for which payment well and truly to be made, 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           Descript             Sl.         Descript           Val           Wareho
        of             ion of               No.         ion and            ue            use
        imp            goods                of          No. of                           Code
        ort                                 invoi       package                          and
                                            ce          s                                address
         (1)              (2)                (3)           (4)                 (5)          (6)


AND WHEREAS Section 59(1) of the said Act requires the execution of a bond equal to thrice
the amount of duty assessed on goods for which a bill of entry for warehousing has been
presented under the said section 46.

NOW THE CONDITIONS of the above written bond is such that, if we:
  (1) comply with all the provisions of the Act, the rules and regulations made thereunder in
      respect of such goods;
   (2) pay on or before the specified date in the notice of demand, all duties and interest
      payable under sub-section (2) of section 61; and

   (3) pay all penalties and fines incurred for contravention of the provisions of the Act or the
       rules or regulations made thereunder, in respect of such goods;

   (4) in the event of our failure to discharge our obligation, pay the full amount of duty
       chargeable on account of such goods together with their interest, fine and penalties
       payable under section 72, 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:
    (1) the Bond shall continue in full force notwithstanding the transfer of the goods to another
        warehouse.

   (2) the President through the Deputy/Assistant Commissioner 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 prejudice to any other mode of recovery.

IN THE WITNESS WHEREOF, the importer has herein, set and subscribed his hands and seals
the day, month and year first above 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.                                          , hereinafter referred to as the
"importer", (which expression shall include our successors, heirs, executors, administrators and
legal representatives) hereby jointly and severally bind ourselves to the President of India
hereinafter referred to as the "President" (which expression shall include his successors and
assigns) in the sum of Rs.                                       (please fill amount in words) to be
paid to the President, for which payment well and truly to be made, 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 the Assistant/ Deputy Commissioner of Customs has given permission to enter into
a General Bond for the purpose of sub-section (2) of Section 59 of the Customs Act 1962,
(hereinafter referred to as the said Act) in respect of warehousing of goods to be imported by us
during the period from                         to                    (both days inclusive).

NOW THE CONDITIONS of the above written bond is such that, if we:
     (5)    comply with all the provisions of the Act, the rules and regulations made
     thereunder in respect of such goods;

       (6)     pay on or before the specified date in the notice of demand, all duties and interest
       payable under sub-section (2) of section 61 of the said Act; and

       (7)     pay all penalties and fines incurred for contravention of the provisions of the said
       Act or the rules or regulations made thereunder, in respect 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 prejudice to any other mode of
       recovery.

IN THE WITNESS WHEREOF, the importer has herein, set and subscribed his hands and seals
the day, month and year first above 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 and 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:
Schedule to the 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.
Bill            Duty     Bond value Debit Credit Balance Remarks Signature of the
(Warehousing/   assessed to       be                 of bond           officer along with
Home            on the debited or                    value             full name and
consumption/    goods    credited                                      designation
/Export)   No.           (Thrice the
and date                 amount of
                         duty)
      (1)          (2)       (3)       (4)    (5)      (6)     (7)             (8)

 
 
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