Bond Under Section 59 1 of the Customs Act 1962

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BOND UNDER SECTION 59 (1) OF THE CUSTOMS ACT 1962

We  M/s ………..………………………………………………………………………….. (Importer) are jointly and severally bound to the President of India in the sum RS.___________________ (Rupees ____________________________ Only) well and truly to.

 be paid to the President of India for which payment we jointly and severally bind ourselves and our legal representatives by these presents.

Sealed with our seal this                 DAY OF                     , 2014.

The above bonded we M/S._____________________________________ having applied to the Joint. Commissioner of customs for bond, Visakhapatnam and obtained an order permitting the deposit in Custom Bonded Warehouse, Visakhapatnam for a period of 12 months from the date of the said permission, the under mentioned goods that is to say.

Marks & Numbers      Description of goods           Quantity        Rate of Duty            Amount of Duty

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Imported by sea per  M.T. ”                   ” and entered in the Customs House Books as per No.        of the Register of goods imported by sea.     

 Contd.... P/2                                                                                                                                                                                                                                            

::  2  ::

The condition of this Bond is THAT

If the above bounded (importer or their legal representatives)

a)      Shall observe all the provisions of the Customs Act (52 of 1962) in respect of the above mentioned goods.

Shall pay to the Officer Incharge of the Customs House at the Port of Visakhapatnam on or before the date specified in the notice of demand all duties, rent and charges or before the date specified in the notice of demand all duties, rent and charges claimable to account of the above mentioned goods, under the said Act together with interest on the same from the date so specified at the rate of 24% per annum or such other rate (s) as is for the time being fixed by The Central Board of Revenue Act 1963 (hereinafter called the Board) and

                  

b)      Shall discharge all penalties incurred for violation of the provisions of the said Act and the rules and regulations in months from the date of said order permitting the deposit of the goods or within such further times as may be extended by the commissioner of Customs, VISAKHAPATNAM or by the Board, as the case may be a specific request made in this behalf.

AND, if within the period so fixed or extended, the said goods or any portion thereof having been removed from the said warehouse for home consumption, or re-exportation by sea, the full amount of all duties, rent and other charges claimable as aforesaid and the said interest, and penalties shall have been first paid and discharged on the whole of the said goods then this obligation shall be void and of no effect, but otherwise, and no breach or failure in the performance of any part of this condition of the same shall be and remain the full force, effect and virtue.  It is hereby agreed that any amount that is due from us under this bond may be recovered in the manner laid down in sub-section (1) of Section 142 of the customs Act (52 of 1962).

The goods are not mortgaged anywhere.  We do hereby declare that the goods mentioned herein have not been sold or mortgaged any-where.  We hereby under take to stand surety for the Importers of the above executed bond and in the event of default we will held and firmly bonded to pay to the President of India in the above mentioned amount and to fulfil the terms & condition of the bond.

Signed and delivered by us                                             Signature of the Surety

Within name in the presence of

SURETY:

WITNESS:

1.

2.

KNOW all men by these presents that we M/s ……………………………………………… hereinafter called the “Importers” (which expression shall include) its successors/heirs, executors, administrators and Legal Representative (which expression shall include) his successors and assigns in the sum of RS.___________________ (RUPEES_________________________________________ _____________________ ONLY) be paid to the president for which payments will and truly to be made we bound ourselves our successors, heirs, executors, administrators and legal representatives firmly by these presents.

SEALED WITH OUR SEALS THIS            DAY OF …………… , 2014.

WHEREAS The Asst. Commissioner of Customs, VISAKHAPATNAM (hereinafter called the Proper Officer) agreed to make provisional assessment of the goods described in the schedule appended in page 3 imported by the Importer, pending submission of further documents and further furnishing information and/or completion of further inquires and/or chemical or other test and the proper officer has agreed to allow clearance of the goods subject to the importers providing satisfaction of proper officer that the Import Trade Control License under OGL APP 5 PART A SCT, 30 of ITC POLICY,1991-94 produced  by the Importer is valid for and cover the entire goods sanctioned in the schedule below, and upon the Importer agreeing to furnish such bond as is herewith contained.

                                                                                                  

                                                                                                          Contd.... P/2

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NOW the conditions of the above written bond is such that:

If the Importer shall within one month from the date of Importation or within such extended period as the proper officer may allow, produce such documents and furnish such information as may be called by for the proper officer; and

If the Importer pay to the President of India that difference between the duty finally assessed and the duty provisionally assessed in respect of the goods mentioned in the schedule below; and

If the Importer deliver or cause to be delivered to the proper officer within one month of demand being made by the proper officer valid import license referred to in the schedule covering the entire goods mentioned in the schedule; and

If the Importer pay to the President any penalty and any fine that may be adjudged in lieu of confiscation of the said goods for importation of the goods or part thereof without a valid import license.

Then the above written bond shall be void and of no effect otherwise the same shall remain the full force and virtue.  It is also hereby agreed that if on finalization of assessment any differential; duty is payable by the importers the same may be realized by debit the Importers deposit account.

AND it is hereby agreed and declared by the Importers as follows:

This Bond is given under the order of the Central Government for the performance of an act in which the public are interested.

The President, through The Deputy Commissioner of Visakhapatnam or any other Office may recover in the sum of RS._______________ (RUPEES ______________________

______________________________________________________________________________________________________ ONLY) in the manner laid down sub section (1) of the section 142 of Customs Act, 1962 without prejudice to any other mode of recovery.

Contd.... P/3

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1.   BE No. & Date                               :             

2.   I.G.M.NO.                                      :         

3.   Name of the Vessel             :

4.   Description of goods                        : 

5.  Quantity                                           :

6.       Country of Origin                            :

7.       Port of Shipment                             :

8.  Value of Goods                                :

9.  Bond Value                         :

10. Importers License No.                     :

In witness where of the Import have herein set and subscribed there hands and seals the day month and year first above written.

Signed and delivered by and on

Behalf of the Importers at

Visakhapatnam in the presence of

1.

2.

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