TMI BlogMonitoring of Bonds and Bank Guarantees - Instructions thereofX X X X Extracts X X X X X X X X Extracts X X X X ..... recommended that the circumstances under which the bonds were accepted by the Department without proper verification of the genuineness of the importer should be thoroughly investigated and responsibility be fixed for lapses. Steps should also be taken to obviate recurrence of such lapses in future. Accordingly the Director General of Inspection, Customs and Central Excise had been asked to undertake a detailed study of the form in which bank guarantees should be accepted with a view to adopting uniform conditions for acceptance of bank guarantees. 2. In this connection, attention is invited to the instructions contained in Board's letter F. No. 7/10/58-CUS-VII dated 1-8-1960 under which the Board have issued detailed instructions for mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tnership deed etc. Instances have come to light wherein it is noticed that in many cases the department was accepting bonds and guarantees in a casual manner and the manual instructions were flouted with the result it was difficult to enforce the bonds on the expiry of their validity period when it was seen that either the firms were not in existence or the signatures on the bonds were not genuine. (iii) As per the instructions the provisional duty register should be maintained in a prescribed form i.e. CBR. CUS. No. 321. While after the acceptance of the bonds by the Asstt. Collector the particulars are indicated in the receipt register, it has been invariably observed that most of the Appraising Departments were not maintain A.D. bonds ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ure that action is being taken in all such cases. It is also seen that due to non-maintenance of 'Forward Diary' appraising groups have lost sight of the no. of bonds accepted during the preceding years. The 'Forward Diary' should have ten columns :- (1) S. No. (2) Name of the firm executing bonds or guarantees. (3) Name of the surety (4) File No. (5) Nature of obligation (6) Date by which obligation under the guarantees bond is to be discharged by executor. (7) Time limit upto which the liability of the surety continue. (8) Signature of the Asstt. Collector accepting Bond/Guarantees. (9) Date when the Bond Guarantees cancelled. (10) Remarks. The Assistant Collector Incharge should not accept Bond/Guarantees, unless th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owing these instructions in respect of maintenance of records etc. perhaps becomes difficult. 3. In view of the areas of failures mentioned above and in order to safeguard revenue and ensure quick disposal of pendency and effective monitoring of the bonds and bank guarantees, the following instructions are being circulated, which may be strictly followed :- (a) 'Forward Diary' registers should be maintained in each appraising group as per the manual instructions. (b) The bond registers may be maintained in prescribed from (CBR CDS 321) and the relevant details in the respective columns may be indicated therein. (c) The bond should be accepted strictly as per the instructions laid down in the manual i.e. the bonder should sign the bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut of legal/technical points could be taken care of, if any. (k) Conditions of the bonds should be enforced immediately after the expiry of the prescribed time limit. (l) Custom House Agents should also be made responsible for not complying with the condition of bond. (m) Since computerisation has been introduced in the Custom House this item of work can also be computerised so that discharging of bond liabilities becomes effective. (n) The original bond should be kept under safe custody in the cash department as prescribed in the manual instructions. (o) All bonds and bank guarantees executed in pursuance of the Courts Order must be accepted in the format circulated with letter F. No.483/8/89-Cus.-VII, dated 15-1-1989 and F.No. 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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