| Date: |
19-05-2000
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| Notification No: |
Customs Circular No 47/2000
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| Issuing Authority: |
Indian Customs
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| Type: |
Circular
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| File No: |
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| Subject: |
Transhipment of cargo - 25% security to be taken
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Transhipment of cargo - 25% security to be taken
Circular No. 47 dated 19th May
2000
It
is directed to refer to the Board�s Circular No. 34/ 2000-Cus. Dated 3rd
May, 2000 on above-mentioned subject. Paragraph 2(ii) of the said Circular
provides the manner in which the value of the Mother Bond is to be calculated.
It has been provided in Paragraph 2(iii) that the Mother Bond would be like a
running bond, whereas carriers would be free to furnish security for each trip
of vessel separately. In this connection, doubts have been expressed regarding
the amount of security to be furnished along with the bond required for the
purpose of transhipment of import/ export cargo from/ through gateway ports.
2. The
matter has been examined and it has been decided that the amount of security
would be 25 percent of the bond value. As the carriers have been given option to
furnish security for each trip of vessel separately, the amount of security
would be 25 per cent of average value of cargo being carried in that particular
trip of the vessel.
3. The
above instructions should be brought to the notion of the Trade as well as
departmental officers by way of issuing suitable notice/ standing orders.
4.
Difficulties, if any, in implementation of the above said instructions
may be brought to the noticeof
the Board. Kindly acknowledge receipt of the Circular.
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