The format of PD Bond for Special Valuation Branch

Posted on 06 April 2023 Category : SVB

The format of PD Bond for Special Valuation Branch is given under:

To Be Printed on

STAMP PAPER FOR Rs.100

THE ASSISTANT COMMISSIONER OF CUSTOMS

Know all men by these presents that we M/s _______________________hereinafter called the ‘IMPORTER’ (which expression shall include its successors, heirs, executors, administrators and legal representatives) held and firmly bound into the President of India (hereinafter called the President which expression shall include his successors and assigns) in the sum of Rs._________________________ to be paid to the President of India for which payment will and truly to be made bind ourselves, our successors, heirs, executors, administrators and legal representatives firmly by these presents.

Sealed with our

Whereas the Assistant Commissioner of Customs, ____________________(hereinafter called the Proper Officer) has agreed to make provisional assessment of the goods described in the schedule below imported by the importer pending decision of the Special Valuation Branch in regards to the valuation aspect for importer from parent office and the proper officer has agreed to allow clearance of the goods subject to the importer agreeing to furnish such bond as is herein contained.

NOW THE CONDITION OF THE ABOVE WRITTEN BOND IS SUCH THAT:

1. If the importer shall within twelve months or within such extended period officer may allow product such documents and furnish such information as may be called for by the proper officer and

2. If the importer pays to the President the difference between the duty finally assessed and the duty provisionally in respect of the goods mentioned in the schedule below and

3. If the importer delivers or cause to be delivered to the proper officer within one month of a demand being made by the proper officer a valid import license covering the entire goods mentioned in the schedule below and

Then the above written bond shall be void and of no effect otherwise the same shall remain in full force and virtue.

AND IT IS HEREBY AGREED AND DECLARED by and between the parties as follows:

1. This bond is given under the orders of the Central Government for the performance of an act in which the public are interested.

2. This bond shall be enforceable against the surety notwithstanding thet proceedings have not been taken against the Importers.

3. The Assistant Commissioner of customs, IGI Airport New Delhi or other officer of the Government of India shall have full liberty without effecting the guarantee to postpone for any time or from time to time the exercise of any of the powers and rights conferred of them by law or this bond and either to enforce or forebear to enforce any such powers and right or any remedy against the importer, and the surety shall not be releaved by any such exercise or non exercise by the Assistant Commissioner of customs, IGI Airport New Delhi or other officer of the government of India without notice or corticent of the surety or by reason of time being given to the importer or by on variation or deviation in the terms between the President and the importer or for any other forebearance, act or omission on the part of the government officer to the importer which under the law relating to surety would but for this provision have the effect of releasing the surety.

4. The President through the Assistant Commissioner of customs or other officer may recover the said sum of Rs. (Rupees_______________________________________________________________Only)

in the manner laid down in subsection(1) of section 142 of the customs act, 1962 without prejudice to any other mode of recovery.

In witness thereof the importer and the surety have herein sent and subscribed their respective hand and seals the day, month and year for at above written.

(1) Bill of entry No. & date :

(2) Description of Goods :

(3) Country of origin :

(4) Port of shipment :

(5) CIF Value :

(6) Assesable Value :

(7) Import Licence No. :

(8) Importer’s Name & Address :

Signed and delivered by and on behalf of the Importers

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Comments

Ramakant Tidke : On 13 August 2016 I am Ramakant Tidke, working as purchase manager, in M/s MPM Durrans Refracoat Pvt ltd, Nagpur. We are the Joint Venture with M/s James Durrans and sons UK, we are importing our raw material from them. We have alrady submited the application for SVB registation at Mumbai SVB. Now we are taking the custom clearance under PD bond and RD 1%, My question is, what is the validity period of PD bond? Is there any specific time limit for this bond?

The format of PD Bond for Special Valuation Branch

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