Regulation 11. Execution of bond and furnishing of security

Official text

Regulation 11.Execution of bond and furnishing of security. — The PrincipalCommissioner of Customs or Commissioner of Customs, as the case may be shallrequire the applicant to enter into a bond in such form with a security of 2 tenlakh rupees in case of major international airports of Mumbai, Delhi, Calcuttaand Chennai and 4 five lakh rupees in case of otherairports and Land Customs Stations in cash or in the form of postal security orbank guarantee or National Savings Certificate in the name of the PrincipalCommissioner of Customs or Commissioner of Customs, as the case may be forcomplying with the provisions of the Customs Act, 1962 (52 of 1962) and therules and regulations made thereunder. The condition of the said bond shallalso be that the applicant shall agree to pay the duty, if any, not levied orshort levied, with interest if applicable on any goods taken clearance by theAuthorised Courier if in the opinion of the Assistant Commissionerof Customs or Deputy Commissioner of Customs the same cannot be recovered fromthe importer or the exporter.