Handling of Cargo in Customs Areas-Less Bondage
AS per sub-regulation (3) of the Handling of Cargo in Customs Areas Regulations, 2009,
The Customs Cargo Service provider for custody of imported goods or export goods and for handling of such goods in a customs area shall execute a bond equal to the average amount of duty involved on the imported goods and ten per cent of value of export goods likely to be stored in the customs area during a period of thirty days and furnish a bank guarantee or cash deposit equivalent to ten per cent of such duty:
Now the thirty is made ten.
As per Sub-regulation (4),:
The Customs Cargo Service provider for custody of imported goods or export goods and for handling of such goods in a customs area execute a separate bond for an amount equal to ten percent of value of export goods with a bank guarantee for an amount equal to ten percent of the value of the bond, towards the export goods transported from the customs area to any other customs area for export or transshipment, as the case may be;
Now a proviso is added:
Provided that the condition of furnishing of bank guarantee shall not be applicable to ports notified under the Major Ports Act, 1962 (38 of 1963) or to the Central Government or State Governments or their undertakings or to the customs cargo service provider authorised under Authorised Economic Operator Programme.
Notification No. ., Dated: August 26 2016