Section 4 in Customs (Provisional Duty Assessment) Regulations, 1963.
4. Surety or security of the bond.
- The proper officer may require that the bond to be executed under these regulations may be with such surety or security, or both, as he deems fit.Form No. 1(See regn. No. 3)Individual Importation(To be executed by Importer with Provision for security deposits)Know All Men By These Presents That I/We,...........................................................................................................................of No............................. hereinafter called the "Importer" (which expression shall include it successor/heirs, executors, administrators and legal representatives) ant/are held and firmly bound unto the President of India, hereinafter called the "President" (which expression shall include his successors and assigns) in the sum of Rs..................(Rupees...............) to be paid to the President for which payment well and truly to be made. I/We bind myself/ourselves, my/our successors, heirs, executors, administrators and legal representatives firmly by these presents.Sealed with my/our seal(s) this........................day of...............19........WhereasThe [Assistant Commissioner of Customs] [Substituted by the Finance Act, 1995 (22 of 1995), Section 50 for the words 'Assistant Collector of Customs'.]/Principal Appraiser at.............(hereinafter called the "Proper Officer") has agreed to make provisional assessment of the goods described in the Schedule below imported by the importer pending submission of further documents and furnishing information and/or completion of further enquiries and/or chemical or other test and.the Proper Officer has agreed to allow clearance of the goods subject to the importer's [production within one month from the date hereof a valid licence to cover the import of the goods mentioned in the Schedule or] [Should be deleted where a licence will be produced.] providing to the satisfaction of Proper Officer that the Import Trade Control Licence No........................... produced by the importer is valid for and covers the entire goods mentioned in the Schedule below and upon the importer agreeing to furnish such bond and as is herein contained and whereas the importer has deposited with the [Commissioner of Customs] [Substituted by the Finance Act, 1995 (22 of 1995), Section 50 for the words 'Assistant Collector of Customs'.] at a sum of Rs in such cash for being applied in part or full towards the indemnity hereby given or otherwise according to law.The importer has deposited with the [Commissioner of Customs] [Substituted by the Finance Act, 1995 (22 of 1995), Section 50 for the words 'Assistant Collector of Customs'.] at...............the securities mentioned in the Schedule hereunder written of the face value of Rs...............(Rupees...............) only endorsed in favour of...................as security for the due observance and performance of the terms and undertakings on the part of the importer and for being applied in part or full towards the indemnity hereby given or otherwise according to law.NOW THE CONDITION of the above written bond is such that -(1)If the importer shall within one month or within such extended period as the Proper Officer may allow produce such documents and furnish such information as may be called for by the Proper Officer, and(2)If the importer pays to the President the difference between the duty finally assessed and the duty provisionally assessed in respect of the goods mentioned in the Schedule below, and(3)[] [Should be deleted where a licence well be produced.] If the importer delivers or causes to be delivered to the Proper Officer within one month of a demand being made by the Proper Officer a valid import licence covering the entire goods mentioned in the Schedule below, and(4)If the importer pays to the President any penalty and fine that may be adjudged in lieu of confiscation of the said goods for importation of the goods or part thereof without a valid import licence.Then the above written bond shall be void and of no effect otherwise the same shall remain in full force and virtue.AND IT IS HEREBY AGREED AND DECLARED by the importer as follows :-
