Double Duty Bond Under Section 59(I) of the Customs Act, 1962

DOUBLE DUTY BOND UNDER SECTION 59(I) OF THE CUSTOMS ACT, 1962

B/E NO. DATE

BOND NO. DATE

We M/S ______are jointly and severally bound to the President of India in the sum of 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 representative by these presents.

Sealed with our seal this ______day of ______

The above bound M/S______having applied to the Assistant Collector of Customs, New Delhi and obtained an order permitting the deposit in the CWC, Okhla bonded ware house for a period of one year and the period that will be extended by the Commissioner of Customs or the Central Board of Revenue, if any from the date of the said permission, the under mentioned goods :

Description of Goods

Marks and Number Packages Description of Goods

Qty Value for Duty Rate of Custom Duty

Amount of Custom Duty Amount of Double Custom Duty

Imported via ICD, New Delhi at Delhi from USA and entered in the custom house Book No. Dated______of the register of goods imported by sea.

The condition of the bond are such that :

If the above bounded M/S ______

a)  Shall observe all the provisions of the Customs Act (53 of 1962) hereinafter called the said ‘Act’ and the Rules and Regulation in respect of the respect of the above mentioned goods.

b)  Shall pay to the officer in charge of the Custom House at the port of New Delhi on or before the date specified in the notice of demand all duties, rent and charge claimable on account of the above mentioned goods and the notice under the said Act together with interest @ 20 % on the same for the time being fixed by the Central Board of Revenue Act 1963 (hereinafter called the Board Act).

c)  Shall discharge all penalties incurred for violation of the provision of the said Act, the Rules and Regulations in respect of the above mentioned goods within a period of one year from the date of the said Regulations in respect of the above mentioned goods or within such further time as may be allowed or extended by the Collector of Customs, New Delhi or by the Board as the case may be on a specific request made in this behalf.

And, if the within the period so fixed or extended the said goods or any portion thereof having been removed from the said goods or any portion thereof having been removed from the said Warehouse, for home consumption or reexportation by Air, the full amount of the duties, rent and other charges claimable as aforesaid and the said interest and penalties shall have been first paid and discharges on the whole of the said goods for this obligation shall be void and of no effect, otherwise on beach or failure in the performance of any part of this conditions, the same shall be and remain in full force, and effect and virtue.

IT IS AGREED AND DECLARED BY M/S______

a)  This Bond shall continue in full force notwithstanding the transfer of the goods warehoused under the bond to any person or removal of the goods to another warehouse.

b)  Any amount under this bond may be recovered in the manner laid down in sub-section (i) of 142 of the Customs Act (52 of 1962) without prejudiced to any other mode of recovery.

(Authorised Signatory)