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Regarding Standard Set of Guidelines for Appointment of Custodian of Sea
Ports and Air Cargo Complexes
Customs
Circular No. 83 date 5th December 2002
I
am directed to refer to Board�s Circular
No. 34/ 2002-Cus. dated 26.06.2002 issued from File
No. 434/12/92-Cus.IV on the above subject.
2.
It has been provided at Sl. No. 6 of the Annexure to the Board�s
Circular referred to above that for the proper discharge of duties, the
custodian shall execute a bond equal to the value of the goods likely to be
stored in the premises for a period of 30 days, supported by a bank guarantee or
a Government bond or cash deposit equivalent to 10% of the value of goods.
Following representations from trade and industry, the matter has been examined
by the Board and it has been decided that the custodians would, henceforth, be
required to execute a bond equal to only the average duty involved on the goods
likely to be stored in the premises for a period of 30 days, supported by a bank
guarantee or a Government bond or cash deposit equivalent to 10% of such duty.
Accordingly, the provision contained at Sl. No. 6 of the Annexure to the
Board�s aforesaid Circular may be read as under: -
�(6) For proper discharge of duties, the
custodian shall execute a bond equal to the average duty involved on the goods
likely to be stored in the premises for a period of 30 days, supported by a bank
guarantee or a Government bond or cash deposit equivalent to 10% of such duty.
However, all Central Government and State Government Undertakings shall be
exempt from the requirement of furnishing bank guarantee or cash deposit�.
3.
The bonds and bank guarantees executed by the Custodians may be revised
on the basis of the above instructions.
4. These instructions may be brought to the
notice of all concerned by way of issuance of suitable Public Notice/ Standing
Order. Difficulties, if any, in implementation of the Circular may be brought to
the notice of the Board at an early date.
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