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Security under section 59 (3) of the Customs Act

Customs - 21/2016 - Dated:- 31-5-2016 - Circular No. 21/2016 -Customs F. No. 484 / 03 / 2015 - LC (Vol II) Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs New Delhi, the 31st May 2016 To, All Principal Chief Commissioners Customs, All Principal Chief Commissioners of Central Excise & Customs, All Chief Commissioners of Customs, All Chief Commissioners of Central Excise & Customs, All Directors General, Chief Departmental Representative, .....

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ver multiple imports by an importer within a specified period. The format of the bonds has been prescribed under circular no. 18/2016 - Cus dated 14.5.2016. 2. Sub-section (3) of section 59 prescribes that the importer, shall, in addition to the execution of a bond, furnish a security. The Board has reviewed the extant circulars regarding furnishing of security for transit as well as for storage of goods in the warehouse. In supersession of earlier instructions, the Board has approved the follow .....

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etroleum products; (v) Machinery, equipment and raw materials imported for building and fitment to ships; (vi) Goods used in the units operating under manufacture-in-bond scheme (section 65); (vii) Goods warehoused for supply to diplomats; (viii) Goods warehoused and sold through duty free shops; (ix) Goods warehoused for supply as ship stores / airlines stores; 3.1 Importers under Accredited Clients Program or approved as Authorised Economic Operators shall be required to provide security as pe .....

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in certain cases, such as, liquid bulk cargo being transported through pipelines, the requirement of transit insurance may be waived. For storage (a) Goods, other than sensitive goods mentioned in para (b) below, permitted to be warehoused, will be subject to the following requirement of security under section 59 (3): (i) for the initial period of one year, there shall be no requirement of furnishing any security; (ii) any extension in warehousing period beyond one year will be subject to the im .....

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will be subject to the importer or owner furnishing a security by way of a bank guarantee for an amount equivalent to the duty involved and interest accrued thereon during the preceding period; (b) For the purposes of obtaining security to be furnished under section 59, the following goods shall be regarded as sensitive: (i) wines, spirits, liquors, whiskeys, brandy, beer, other alcoholic beverages etc.; and (ii) cigars, cigarettes & manufactured products of tobacco; (c) Sensitive goods to b .....

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warehousing period beyond two years will be subject to the importer or owner furnishing a security by way of a bank guarantee for an amount equivalent to the duty involved and interest accrued thereon during the preceding period; (d) However, if the sensitive goods are proposed to be stored in the importer s private bonded warehouse: (i) the importer shall furnish a security by way of a bank guarantee equivalent to the duty involved at the customs station of import before removal of the goods f .....

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using is sought,the importer shall furnish a security by way of a bank guarantee equivalent to the duty involved and interest accrued thereon during the preceding period. 4. Nothing contained in this circular shall apply to imports by 100% Export Oriented Units, EHTP Units & STPI Units. Extant circulars / conditions mentioned in the Foreign Trade Policy shall govern the same. 5. The Board has further decided that henceforth the period of warehousing shall be extended by the Principal Commiss .....

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