Bond for CHA License

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FORM – D
[see regulation 10]
 
BOND  
            No……………………………………… of …………………….. 20……… Know all men by these present that we are held and firmly bound to the President of India in the sum of Rs……………….. for payment whereof we hereby bind ourselves, and each us bind himself and each of our heirs, executors and administrators firmly by these presents dated this …………………… day of ………………… in the year two thousand…………….  
            Whereas the said……………….. has been authorized to act as a Custom House Agent under Section 146 of the Customs Act, 1962 (52 of 1962), and the said ………………… has agreed to enter into this bond as required by the Custom House Agent Licensing Regulations 2004 (thereafter referred to as the said Regulations).  
            And whereas the said ……………… has deposited the sum of (rupees fifty thousand) only with the President of India as security for his faithful behavior and that of his clerks as regard the said Regulations.  
            Now the condition of the above written bond is such that if the said……………………………. and his clerks do at all times, whilst holding, such licence as aforesaid, behave themselves in a faithful manner as regards the said Regulations and if the said…………………. and their executors or administrators do at all times make good to the President of India all and every sums of money which being due to the Government shall be reason of the misfeasance or negligence of the said………………… or of his clerks have not been paid to the President of India then the above written bond shall be void; otherwise the same shall be and remain in full force and virtue and it is hereby agreed and declared that the President of India may apply the said sum of Rs. 50,000/- (rupees fifty thousand) only deposited as aforesaid in making  good to the President of India all and every sums due to the Government by reason of the misfeasance or negligence of the said……………………………. or his clerks as aforesaid.  
            And it is hereby agreed that the said sum of Rs. 50,000/- (rupees fifty thousand) only shall remain with the President of India for twelve calendar months after the date upon which the said…………… shall cease to act as Custom House Agent as security for the payment of any sums due to the Government by any reason of any misfeasance or negligence of the said …………. or his clerks which may not be discovered until after the said date and that this bond shall be and remain in full force and virtue until the expiration of the said term of twelve months.  It is also agreed and declared that the President of India may apply the above sum of Rs. 50,000/- (rupees fifty thousand) only in making good wholly or in part any short collection of duty or other charges in respect of any transaction made by the said…………………… on behalf of importers or exporters in the event of such sums remaining unpaid, even after issue of demands under section 28 of the Customs Act, 1962.  
            Signed, sealed and delivered by the above named in the presence of witnesses.  
Accepted for and on behalf of the President of India 
1. ……………………. 
2. ……………………. 
Signature of the Commissioner of Customs
(with seal)

The above information is a part of Import Export Training online


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