GOVERNMENT OF PAKISTAN

MODEL CUSTOMS COLLECTORATE OF APPRAISEMENT,

 CUSTOM HOUSE, KARACHI.

N0.S6/109/2004-Bond                                                                    Dated: 28.05.2013

CIRCULAR No.05 /20I3(APPG).

SUB:-             Acceptance of insurance policies/guarantee.

It is circulated for information of all concerned that the insurance policies / guarantee will be accepted of those insurance companies who have produced their current rating certificate as “A and above'’ by M/s. JCR-VIS Credit Rating Company and/or M/s. PACRA and meet the criteria laid down in the Customs Rules, 2001 notified vide SRO-450(1)/2001 dated 18.06.2001.

2. Moreover, if the rating of any Insurance Company changes at any stage during the validation period or if paid up capital decreases as provided in the Customs Rules, 2001, a new insurance policy / guarantee which fulfill criteria shall be submitted by the concerned individual/person immediately preferably within fifteen (15) days. In case of failure to do so or if the insurance company fails to reimburse the claim against the insured amount, the concerned individual/person shall be liable to pay the duty and taxes so involved, if and when claimed by the department.                                                     

 Signed by

(Dr. Zulfiqar Ahmed Malik)

Collector

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