Section 11 in The Courier Imports and Exports (Clearance) Regulations, 1998
11. Execution of bond and furnishing of security.
- The Commissioner of Customs shall require the applicant to enter into a bond in such form with a security of [two lakh rupees in case of major international airports of Mumbai, Delhi, Calcutta and Chennai and one lakh rupees in case of other airports] [Inserted by Notification No. G.S.R. 645(E), dated 21.9.1999 (w.e.f. 9.11.1998)] in cash or in the form of postal security [or bank guarantee] [Inserted by Notification No. G.S.R. 645(E), dated 21.9.1999 (w.e.f. 9.11.1998)] or National Savings Certificate in the name of the Commissioner of Customs for complying with the provisions of the Customs Act, 1962 (52 of 1962) and the rules and regulations made thereunder, the condition of the said bond shall also be that the applicant shall agree to pay the duty, if any, not levied or short levied, with interest if applicable on any goods taken clearance by the Authorized Courier if in the opinion of the Assistant Commissioner of Customs the same cannot be recovered from the importer or the exporter.
