Page 64 - ELT_1st September 2020_Vol 373_Part 5

T74 EXCISE LAW TIMES [ Vol. 373

Annexure-C
General Bond
(To be executed under Section 59 of the Customs Act, 1962 and MOOSWR 2020
by a unit operating under section 65 of the Customs Act, 1962)

KNOW ALL MEN BY THESE PRESENTS THAT we M/s. ____________ having
our office located at ________________________ and holding Import-Export Code
No. __________________ , hereinafter referred to as the “importer”, (which
expression shall include our successors, heirs, executors, administrators and legal
representatives) hereby jointly and severally bind ourselves to the President of
India hereinafter referred to as the “President” (which expression shall include
his successors and assigns) in the sum of Rs. _______________ (please fill amount
in words) to be paid to the President, for which payment well and truly to be
made, we bind ourselves, our successors, heirs, executors, administrators and
legal representatives firmly by these presents.

Sealed with our seal(s) this ________ day of ________ 20 ________.

WHEREAS the Principal Commissioner or Commissioner of Customs, has
decided to grant license to operate a warehouse under Section 58A of the
Customs Act;

AND WHEREAS the Principal Commissioner or Commissioner of Customs, has
decided to permit carrying out manufacture and other operations in the
warehouse under Section 65 of the Customs Act;

AND WHEREAS the Assistant/Deputy Commissioner of Customs has given
permission to enter into a General Bond for the purpose of sub-section (2) of
Section 59 of the Customs Act, in respect of warehousing of goods to be imported
by us during the period from ______ to ______ (both days inclusive).

NOW THE CONDITIONS of the above written bond is such that, if we :

(1) comply with all the provisions of the Customs Act, 1962, Central
Goods and Services Tax Act, 2017 or Integrated Goods and
Services Tax Act, 2017 or Goods and Services Tax (Compensation
to States) Act, 2017 and the rules and regulations made thereunder
in respect of such goods;
(2) pay in the event of our failure to discharge our obligation, the full
amount of duty chargeable on account of such goods together
with their interest, fine and penalties payable under section 72 of
the Customs Act, 1962 in respect of such goods;
(3) pay all penalties and fines incurred for contravention of the
provisions of the Customs Act, 1962, Central Goods and Services
Tax Act, 2017 or Integrated Goods and Services Tax Act, 2017 or
Goods and Services Tax (Compensation to States) Act, 2017 and
the rules or regulations made thereunder, in respect of such
goods;
Then the above written bond shall be void and of no effect; otherwise the same
shall remain in full force and virtue.

EXCISE LAW TIMES  1st September 2020  64