BOND UNDER NOTIFICATION NO.49/2000

The President of India

Whereas under the Customs Notification No. 49/200 Custom dated ______________ the Central Government has exempted capital goods specified in the schedule to the notification from Basic Customs duly in excess of 5 % and whole of Additional duty of Customs which is specified in the Customs Tariff Act, 1975 on the condition that the importer shall fulfill the export obligation for an amount in the conditions specified in the said notification and that the importer shall execute a bond in such form and for such sum and with such surety or security as may be specified by the Deputy Commissioner of Customs, binding himself for a sum of Rs.____________(Rupees _____________________________________________________Only) along with interest @ 24 % p.a. with such security and conditions as mentioned hereinafter.

Whereas the importer has imported the said capital goods fully specified in the invoices. Bill of Entry and schedule to this Bond for the purpose of fulfillment of export obligation in the manner and in the period as specified in the said notification cleared on the basis of this Bond at 5 % rate of customs duty thereon, pursuant to the said Notification No. 49/2000 dated ____________ at the time of clearance of the said goods.

And whereas on the application of the importer, the Deputy Commissioner of Customs, ICD Tughlakabad, New Delhi (hereinafter referred to as the Deputy Commissioner) has permitted the clearance of the said goods on the condition that the import shall execute a bond for the difference of Customs Duty leviable on the said goods either the interest @ 24 % p.a. and Bank Guarantee No. dated of (name of the Bank Branch) for Rs.________

Binding the importer to fulfill each and every condition of the Notification No.

NOW THE CONDITIONS OF THE ABOVE WRITTEN BOND ARE THAT

1.         1.  The importer shall submit to the Deputy Commissioner within six months from the date of clearance of imports, a certificate from the jurisdictional Assistant Commissioner of Central Excise, to the effect that the said capital goods have been installed in the importer’s factory or the place where services shall be rendered 

2.         2.  The importer shall fulfill export obligation of Rs.___________________(Rupees__________________________ ____________________________________Only) equal to 5 times the CIF value of the goods imported on FOB basis or 4 times the CIF value on net foreign exchange basis or as specified in the licence/or such higher sum as is specified by the Licensing authority within a period of 8 years from the date of issue of the EPCG licence, in such a proportion as specified in the said notification (with regard to goods relating to other than agriculture, animal husbandry, floriculture, horticulture, pisciculture, poultry, viticulture and sericulture).

3. The importer shall produce within 30 days of the expiry of each block of two years a certificate from the concerned Licensing Authority showing extent of Export obligation fulfilled along with certified copies of the export documents taken into consideration towards fulfillment of export obligation.

4. The importer shall within 3 months pay the amount equal to the proportion of duty along with interest @ 24 % p.a. from the date of clearance of goods corresponding to the proportion of export obligation unfulfilled, where the export obligation of any particular block of two years is not fulfilled.

5. The import shall fortwith pay the full amount of the bond along with interest @ 24 % per annum, if fails to discharge minimum of 25 % of the export obligation prescribed for a particular block of two years for two consecutive blocks.

6. The importer shall pay full amount of the bond along with interest @ 24 % per annum, if he fails to import goods for minimum value of Rs.______________ within the validity of licence with regard to goods relating to other than agriculture, acquaculture animal husbandry, horticulture, pisciculture, poultry, viticulture and sericulture.

NOW IT IS HEREBY AGREED ADMITTED AND DECLARED BY THE PARTIES HERETO AS FOLLOWS.

a)  The decision of the said Deputy Commissioner as to whether or not the proof of fulfillment of Export obligation has been produced by the importer to his satisfaction shall not be disputed by them.

b)  The above written bond shall remain in full force and effect and shall not be recoverable by the importers or the liability of the importer hereunder shall not be discharged on any ground except and unless the said Deputy Commissioner by order in writing discharges the bond.

c)   The payment of the amount of bond along with interest @ 24 % shall not effect the liability of the importer to any other punishment or action under law.

d)   This bond has been executed under the orders of the Central Government and/or under the law in performance of the act in which the public are interested. It is hereby agreed that any amount that may be due from us under the bond may be recovered in the manner laid down under section 142 of the Customs Act.

1.            Bill of Entry No.                  :

2.            Description of goods               :

3.            FOB (Foreign Currency)            :

4.            CIF (Foreign Currency)            :

5.            CIF in Indian Rupees             :

6.            Assessable Value               :

7.            Normal rate of duty                  :

8.            Amount of duty (with ref.to 7):

9.           Concessional rate of duty      :

10.         Amount of duty          :

12.         EPCG Licence No.                 :

13.         License issuing Authority            :

16.         Complete address of the factory:

17.         Jurisdictional Central Excise :
             Authority

(b)   Division and Adress       :

(c)    Range and Address       :

(d)    Sector and Address       :

In witness thereof the Importer has herein subscribed this bond and seal

Name :

Designation :

Witness Signature Name & designation

            Organisation & Address

Accepted for and on behalf of

President of India