The Central Board of Excise & Customs (“CBEC”) vide Circular No.18/2016-Customs dated May 14th, 2016 has revised consignment and general bond which is required to be filed under section 59 of Custom Act, 1962.
An importer is to execute a triple duty bond (earlier it was double duty bond) at the customs station of import with respect to the goods to be cleared for deposit in a warehouse.
The bond will remain valid till the warehoused goods are duly cleared for home consumption or for export from the warehouse and will also cover the movement of goods from the customs station of import to the warehouse or from one warehouse to another as well as for the due accounting of goods while stored in a warehouse.
Abott Law Office 