Bond under Section 59

BOND UNDER SECTION 59 (1) OF THE CUSTOMS ACT, 1962

YBE NO.                                           BOND NO.
DATED :                                      DATED:

We M/s. XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX jointly & severally bound to the PRESIDENT OF INDIA in the sum of Rs -_________________ (Rupees _ ____________________ ______________________________________________________________________ Only.) 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.

The above bonded XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX having applied to the Deputy Commissioner Of Customs (Bond) ICD XXXXXXX and obtained an order permitting to deposit in the ICD XXXXXXX. for a period of one year from the date of the said permission for the under mentioned goods that is to say:-

DESCRIPTION OF GOODS
MARKS & NO.
PACKAGES
DESCRIPTION OF GOODS
QUANTITY, WEIGHT & MEASUREMENT
AMOUNT OF DUTY
RATE OF CUSTOM DUTY

-2-

The condition of this Bond is that:

IF THE ABOVE BOUND XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX or their legal representative

(A) Shall observe all the provisions of the Custom Act-1962 (hereinafter called the said Act) and the Rules and Regulations in respect of the above mentioned goods.

(B) Shall pay to the office Incharge of Custom BOND SECTION ICD XXXXXXXX On or before the date specified in the notice of demand, all duties rent, and charges claimable on account of the above mentioned goods and the notice under the said Act together with interest @ 15% on the same for the time being fixed by the Central Board of Revenue Act-1962 (hereinafter called the board Act). Or such other rates as is

(C) Shall discharge all penalties incurred for violation of the provisions of the said Act, Rules & Regulations in respect of the above mentioned goods within a period of ONE YEAR from the date of the said order permitting by the deposit of the said goods or within such further time as may be on a allowed or extended by the Commissioner of Customs, ICD XXXXXXX. or by the Board as the case may be on a specified request made in this behalf. And if within the period so fixed or extended the said goods or any portion there of having being removed from the said warehouse, for home consumption or on exported by Air/Sea/Land the full amount of all duty 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 from I the obligation shall be void and of no effect, otherwise on breach on failure in the performance of any part of this condition, the same remain in full force and effect and virtue.

IT IS AGREED AND DECLARED BY XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX This bond shall continue in full force not with standing the transfer of the goods warehoused under the bond to any person or the removal of the goods to another warehouse.

Any amount due under this Bond may be recovered in the manner laid down in sub-section (I) of section 142 of the Customs Act-S20/1962 without prejudice to any other mode of recovery.

For XXXXXXXXXXXXXXXXXXX

Authorized Signatory

WITNESS:            DATED, SEALED AND DELIVERED BY THE WITHIN NAME IN PRESENCE OF

1.

2.

ACCEPTED FOR AND BEHALF OF THE PRESIDENT OF INDIA
DEPUTY COMMISSIONER OF CUSTOMS