Gauhati HC: DRT Has to Dispose of Application under Section 17 of SARFAESI Act as per RDB Act  ||  Kerala HC: Showing or Waving Black Flag to a Person Cannot Amount to Defamation  ||  Del. HC: Merit Based Review of Arb. Award Involving Reappraisal of Factual Findings is Impermissible  ||  Del. HC: It is the Product and Not the Technology Used that Determines HSN Classification  ||  P&H HC: Provis. of Punjab Recruitment of Ex-Servicemen (First Amendment) Rules are Unconstitutional  ||  Cal HC: High Time that Irretrievable Breakdown of Marriage be Read as Grounds of Desertion & Cruelty  ||  Supreme Court: Third Party Can File SLP Against Quashing Of Criminal Proceedings  ||  SC: Absolute Ownership in Property as Per HSA Can’t be Claimed by Woman with Limited Interest  ||  SC: Can’t Forego Fundamental Requirements of Election of Society in Absence of Specific Provisions  ||  SC: Special Efforts Should be Made to Identify Women Prisoners Eligible for Release u/s 479 of BNSS    

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 2024 - All Rights Reserved