GOVERNMENT OF PAKISTAN
APPRAISEMENT COLLECTORATE
CUSTOM HOUSE, KARACHI.
No.S6/109/2004-Bonds-l Dated: 29.06.2005
CIRCULAR NO. 09/2005 (A)
SUB: ACCEPTANCE OF INDEMNITY BOND PLUS POST DATED CHEQUES UNDER SECTION 86 OF THE CUSTOMS ACT, 1969.
Sections 86, 98 and 112 of the Customs Act, 1969 have been amended vide Finance Bill 2005. These changes are effective from 1st July, 2005. Now warehousing period for durable goods shall be six Months instead of one year and one month for perishable goods instead of three months. The importer shall submit post-dated cheque equivalent to duty and taxes assessed under Section 80 or 81 or re-assesse under Section 109 on such goods, at the time of in-bonding along with indemnity bond stating that be shall observe all provisions of the act and the rules in respect of such goods and pay on or before the date specified in a notice of demand the duty, taxes rent and charges etc. where the owner fails to clear bonded goods within the warehousing period, the post-dated will be got enchased for any reason, the Collector of Customs or any officer designated by him may detain the owner’s goods (whether lying in any warehouse or freshly imported) for public auction and adjust sale proceeding against the amount of duty and taxes, surcharges etc. payable on goods warehoused but not cleared within the specified period and the surplus amount, if any, shall be disposed of in the manner provided in Section 201.
2. In view of the above mentioned legal changes made vide Finance Bill 2005 indemnity bond furnished under Section 96 of the Customs Act, 1969 has been amended and the same is attached herewith. Henceforth, the indemnity bond along with post-dated cheque for the consignments to be warehoused from 1st July, 2005 and onward shall be submitted in the attached format.
Signed by
(AZHAR MAJEED KHALID)
Collector
bcdabcdabcdabcd