Customs (Provisional Duty Assessment) Regulations, 2011 - Notified
A 48 years old Customs (Provisional Duty Assessment) Regulations, 1963, is replaced by a new Customs (Provisional Duty Assessment) Regulations, 2011.
Under the new regulations:
Provisional assessment may be ordered if the importer or exporter in unable to make self-assessment or the proper officer is not able to verify the self-assessment; the importer/exporter is required to execute a bond.
The proper officer may require that the bond to be executed under these regulations may be with such surety or security, or both, as he deems fit.
And now Penalty: One major change in the new regulations is imposition of penalty. If any importer or exporter contravenes any provision of these regulations or abets such contravention, or who fails to comply with any provision of these regulations with which it was his duty to comply, he shall be liable to a penalty which may extend to fifty thousand rupees.
Yet another opportunity for litigation! What is the great need for starting a new system with a hefty penalty and what is the penalty if the proper officer contravenes any provision of these regulations?
Notification No. , Dated: November 25, 2011