SC: Confirmation of an Auction Sale Does Not Bar Judicial Scrutiny of Reserve Price Valuation  ||  Supreme Court Sets Aside Conviction of Four Men in a 1998 Gang Rape Case  ||  Supreme Court: Privy Purse Privileges of Princely Rulers are Not Enforceable Legal Rights  ||  Delhi HC: Repeated Court Summons May Distress and Re-Traumatize Child Sexual Assault Victims  ||  Jammu and Kashmir High Court: Labeling Someone as a Terrorist Associate Amounts to Defamation  ||  Delhi HC: Setting Aside or Altering a Judge’s Order by a Higher Court Doesn’t Affect Their Integrity  ||  Delhi High Court: Accused Cannot be Faulted For Smart Replies; Interrogator Must be Sharper  ||  Supreme Court: Belated Jurisdictional Challenge Impermissible After Participation in Arbitration  ||  Supreme Court: Failure to Prove Specific Overt Acts of Each Unlawful Assembly Member Not Fatal  ||  Supreme Court: Parental Salary Alone Cannot Determine OBC Creamy Layer Status    

Courier Bond executed relating to Customs Cargo Service Provider- (Ministry of Finance ) (31 Aug 2016)

MANU/CUCR/0043/2016

Customs

In Board's Circular no. 32/2013-Customs dated 16.08.2013, wherein, with regard to Regulation 5(1)(iii) of the Handling of Cargo in Customs Area Regulations, 2009 (hereinafter referred to as HCCAR), it was laid down that the amount of insurance to be provided by Customs Cargo Service Provider (CCSPs) should be equal to the average value of goods likely to be stored in the Customs area for a period of 30 days (based on projected capacity) and for an amount as Commissioner of Customs may specify having regard to the goods that are already insured by the importers or exporters.

It has been represented to the Board that for calculation of insurance amount and Bond amount under HCCAR, dwell time for clearance of imported goods and transit time for export goods should be taken in to account. It has been brought to the notice of the Board that CCSPs are being asked to give bond and insurance for an amount equal to the average value of goods likely to be stored, in 30 days, in the Customs area based on the projected capacity. It is further informed that the dwell time for imported goods is 10 days and transit time for export container is less than 24 hours.

Board is of the view that for calculating average value of goods likely to be stored in Customs area, under Regulation 5(1)(iii) of HCCAR, average time taken for clearance of goods should be a relevant factor in deciding amount of insurance. As a measure of ease of doing business, it has been decided to partially modify the earlier Circular No. 32/2013-Customs dated 16.08.2013 with regard to Regulation 5(1)(iii) of HCCAR, to lay down that the amount of insurance to be provided by CCSPs should be equal to the average value of goods likely to be stored in the Customs area for a period of 10 days (based on projected capacity) and for an amount as Commissioner of Customs may specify having regard to the goods that are already insured by the importers or exporters. Changes have also been carried out in HCCAR, 2009 vide notification No.115-Customs (N.T.) dated 26.8.2016 to reduce the value of bond being furnished in respect of imported/export goods to the extent of 10 days storage from the current 30 days.

Tags : BONDS   EXECUTION   CARGO SERVICE PROVIDER  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved