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ABAN EXIM PVT. LTD. Versus PRINCIPAL COMMISSIONER OF CUSTOMS

Execution of Bank Guarantee – Release of goods – Petitioner challenges calculation which relates to execution of bank guarantee for provisional release of goods – Petitioner was willing to furnish bank guarantee equivalent to 30% of differential valu .....

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uivalent to 30% of differential duty be furnished –In present case, vide impugned order value of bank guarantee stipulated was 1.75 times differential rate of duty – Said condition was clearly onerous and burdensome – Thus petitioner to furnish bank .....

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Shri Kamal Nijhawan, Senior Standing Counsel with Sumit Gaur, Advocate, for the Respondent. ORDER Mr. Nijhawan has reverted with instructions. He says that the calculation with regard to Condition No. 2(ii), which relates to execution of bank guarant .....

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erential Duty leviable @ 28.852% approx. (Rs.) (Rs.) (Rs.) (Rs.) 2,71,56,454/- 1,17,65,999/- 1,53,90,455 44,40,454/ 2. Mr. Manish, learned Counsel for the petitioner, says that the petitioner is willing to furnish a bank guarantee equivalent to .....

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.1 Therefore, if the submission of the petitioner is accepted then the bank guarantee amount equivalent to 30% of the said amount, i.e., ₹ 44,40,454/-will have to be furnished by it. 4. Mr. Nijhawan does not dispute the fact that a Di .....

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provisional release of the subject goods in that case (which incidentally was an Aircraft) based on the condition that security in the form of bank guarantee equivalent to 30% of the differential duty be furnished. 4.1 In the present case, it i .....

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