BANK GUARANTEE
The President of India
Acting through
Asstt. Commissioner of Customs
Ahmedabad/Delhi/Mumbai
Dear Sir,
Guarantee number
Amount of Guarantee
Guarantee cover from
Date of Expiry
Last date of lodgment of claim
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This deed of guarantee executed by the Bank Name:
a scheduled Bank within the meaning of the Reserve Bank of India act 1934 (2 of
1934) and having its central office Bank Address:
(herein after referred to as “The Bank”) in favour of President of India through the
Asst./Deputy Commissioner of Customs, Ahmedabad/Delhi/Mumbai (herein after
referred to as the “The Beneficiary) “for an amount not exceeding
Rs.__________________
( Rupees in word____________________________________) at request of
M/s.____________________________Address:________________________________
(Herein after referred to as the Importer)
This guarantee is issued subject to the condition that
The liability of the bank under this guarantee is limited to maximum of
Rs.________________( Rupees in word______________________________) and the
guarantee shall remain in full force up to _____________( date of expiry) and
cannot be invoked otherwise than by a written demand of claim under this
guarantee served on the Bank on or before the Date:________________(last date of
claim)
This deed of guarantee made this Date:__________________ by the Bank Name:
______________ Address _________________________ (herein after referred to as
“The Bank”) which Expression shall unless the counterpart otherwise admit
includes its legal representatives successors and assignees and the President of India
acting through the Asst./Deputy Commissioner of Customs, Ahmedabad/Delhi/
Mumbai, (herein after referred to as the government ) which expression shall unless
repugnant to the context or meaning thereof includes its legal representative,
successors and assignees whereas the President of India, acting through the
Assistant/Deputy Commissioner of Customs, Ahmedabad/Delhi/Mumbai, (Ministry
of Finance Govt. of India) (herein after referred to as “The Government”) has
agreed to grant to M/s.____________________________ (herein after refereed to as
Importer/Exporter) exemption in item of notification no. 3/89 dated 9/1/89 (herein
after referred to as notification for import of the goods mentioned therein) on the
terms and condition specified in the said notification.
Whereas M/s.________________________ have undertaken to produce evidence in
respect of export obligation to be discharged against the said notification 3/89 dated
9/1/89 as amended till date within 30 days from the expiry of export obligation
period.
Whereas M/s. ___________________ have further unconditionally and irrevocably
undertaken to pay an amount equal to the duty leviable on the goods cleared/to be
cleared in terms of the said notification no. 3/89 dated 9/1/89 in the event of their
failure to comply with the condition of the said notification.
Whereas one of the condition of the said notification being furnishing of an
instrument (guarantee) by the importer for such sum as may be prescribed by the
Assistant/Deputy Commissioner of Customs, Ahmedabad/Delhi/Mumbai binding
himself to pay on demand an amount equal to the duty leviable on the imported
material but for the exemption.
1. We the bank, at the request of the importer do hereby unconditionally and
irrevocably undertake to pay the government an amount not exceeding Rs.
_______ against any loss/damage caused or suffered by the government by
reason of failure on the part of the said Importer of any of terms or
conditions contained in the notification no. 3/89 dated 9/1/89 as amended till
date, including export obligation mentioned therein.
2. We the Bank, do hereby undertake to pay the amount due and payable
under this guarantee without any demur or protest, merely on a demand
from the government stating the amount claimed is due by way of loss or
damage caused or suffered by the government by the reason or branch by
the Importer or any of the terms of condition of the said notification. Any
such demand made on the bank shall be conclusive as regards the amount
due and payable by the bank under this present.
3. we undertake to pay to the government any money so demanded not with
standing any dispute or disputes raised by the Importer in any suit or
proceedings pending before any court or Tribunal relating thereto and our
liability under these present being absolute and unequivocal.
4. That this guarantee shall remain in force for 18 months from the date of
issue i.e. up to __________ with further claim period of up to six months i.e.
up to _________ and the entire amount guarantee shall be paid to the
Government by the Bank on demand without any demur, in case the
Importer fails to discharge the export obligation No.3/89 dated 9/1/89 to the
satisfaction of the Government, thirty days prior to the expiry of this
guarantee.
5. We further undertake to renew this Guarantee from one year to year, three
weeks before the expiry thereof until the disposal proceeding on its own its
disposal of said final assessment and six-month thereafter.
6. We the Bank, further agree with the Government that the Government shall
have the fullest liberty without our consent and without affecting in any
manner our obligation hereunder.
(a) To vary any of the terms and conditions of the said notification and modify
the said scheme from time and time or.
(b) To extend the time for performance by the said importer from time to time
Or to postpone for any time or.
© From time to time any of the power exercisable by the Government against
the said Importer and to for bear or enforce any of the terms and condition
relating to notification and we shall not be relieved from our liability by
reason of any such variation on extension being granted to the said Importer
for any forbearance act or commission on the part of the Government or any
such matter or thing what so ever which under the law relating to sureties
would buffer this provision have effect of so relieving us.
That the Guarantor will not revoke the guarantee without prior written
consent of the Government.
Not with sending anything contained herein before our liability under this
Bank Guarantee shall not exceed Rs._____________(Rupees in
word_________________).
This Bank Guarantee shall be valid upto ______________ we are liable to
pay the guarantee amount or any part there of under this guarantee only if
you serve upon us a written claim or demand on or before ______________
(Date of expiry of claim).
We also undertake to renew the bank guarantee on our own account from
time to till such time the matter for which bank guarantee has been given is
finalized to the satisfaction of the custom authority.
BOND
The President of India
Through
The Asst./Deputy Commissioner Customs
Ahmedabad/Delhi/Mumbai.
BOND UNDER NOTIFICATION NO.3/89 DATE 09-01-89 (Amended by
66/95 dated 16/3/95 know all men by these presents that, we M/s.
___________________________ (Address)____________________________________
which expression shall include his successors, heirs, executors, administrators and
representatives are held and firmly bond unto the President of India herein after
called The President (which) expression shall include his successors and assigns) in
the sum of Rs. _______________ (Rupees in word ____________________________)
along with interest @ 15% P.A. to be paid to the President for which payment well
and truly to be made. We jointly and severally bind over selves, heirs’ executors and
administrators and legal representatives firmly by The President.
SEALED THIS DATE_____________________.
There as under the Customs Notification No.3/89 dated.09-01-89. (Amended vide
notification no.66/95 dated 16/3/95)
AND WHEREAS on the application of importers The Assistant/ Deputy
Commissioner of Customs Ahmedabad/Delhi/Mumbai, herein after referred to as
the said Asstt./Deputy Commissioner (which expression shall include the person for
the time being performing the duties of the Asst./Deputy Commissioner of Customs,
Ahmedabad/Delhi/Mumbai has agreed to permit the clearance of the said material
mentioned in the said schedule on the conditions that the importer shall furnish the
bond executed by the importer and to be approved by this said Asst./ Deputy
Commissioner for a sum of Rs._____________ alongwith interest @ 15% p.a. only
with such conditions is as herein after mentioned.
NOW THE CONDITIONS OF THE ABOVE WRITTEN BOND ARE THAT
The importer shall deliver or cause to be delivered to the Asst./Deputy
Commissioner of Customs within six months from the date thereof such extended
period as the said Asst./Deputy Commissioner may in his absolute discretion deem
fit, a
1. Certificate duly signed by any authority/or by such other person as the said
Asst./ Deputy Commissioner may allow to the effect that said material, which
shall at the entire satisfaction of the said Asst./ Deputy Commissioners of the
Customs produce proof as to the above effect.
2. That all the conditions of the notification shall be fulfilled to the satisfaction of
the Asst./ Deputy Commissioner of Customs.
3. That the goods imported shall re-export within the period of six months from the
date of official closure of the exhibition or within such extended period as the
Asst./ Deputy Commissioner of Customs mal allow and in event of failure to reexport as aforesaid, to pay the duty which would have been levied thereon.
4. The above bond shall be void and of no force or otherwise the same shall remain
in force and effect.
5. The Asst./ Deputy Commissioner of Customs or other officers of the Govt. of
India shall have full liberty without effecting the guarantee to postpone for any
time or from time the exercise or any of the powers and any rights or any
remedies against the importer and the surety shall not be released by any such
exercise or non exercise by the Govt. of India by reason the time being given to
the importer or any The President and the importer or any Govt. officer to the
importer.
The above written bond shall remain in force and shall not be recoverable by the
importer or shall not be discharged whatsoever before (date) ____________
however that if claim or cause or action give time to such course or arise against
the importer by virtue of this bond before the expiry of the last mentioned date
such claim shall be enforceable against the importer notwithstanding the fact the
claim is lodged with the importer or by bond is enforced against the importer
after (date)________________.
The payment of amount of Rs.______ alongwith interest @ 15% P.A. shall not
effect the liability of the importer or any other action under the law.
The Bond has been executed under the order of the Central Government and or
under the law and in the performance of act in which public are interested.
Guarantee here in contained shall not be determined or effected or effected by
liquidation or winding up of the parties thereto.
The President through the Asst./Dputy Commissioner of Customs,
Ahmedabad/Delhi/Mumbai or other officer may claim the said amount of Rs.
__________ alongwith the interest @ 15% P.A. in the manner laid down in sub
section (1) of the section 142 of the Customs Act, 1962 without prejudice to the
any other mode of the recovery form the importers.
Copies of shipping bills shall be submitted within 6 months or such period as
may be decided by the Asstt. /Deputy Commissioner of Customs.
Such officer may be decided by the Asst./Deputy Commissioner of Customs to be
submitted within 6 months of the use of Licence or such period as may be
decided by the Asst./Deputy Commissioner of validity of the bond and the bank
guarantee shall be for six months or till the Bank guarantee is discharged.
Bond is executed by the Managing Director any other duly authorized person
alongwith a letter of authority granted by the Managing Director.
NOW IS HEREBY AGREED AND DECLARED BY THESE PARTIES HERE
TO AS FOLLOWS.
(a) The decision of the said Asst./Deputy Commissioner as to whether or not the
proof or fulfillment of the conditions of the notification no.3/89 dated 09-011989 have been produced by the importer or his satisfaction shall not be
disputed by them.
(b) The above written bond shell 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 unless the said Asst./Deputy Commissioner by
order in writing discharged the Bond.
(c) The payment of the amount or the Bond shall not effect the liability of the
importer to any other payment or action under the 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 covered in the manner laid down under section 142 of the Customs Act,
1962.
THE SCHEDULE ABOVE REFFERED TO:
1. B/E NO. DATE
2. IGM NO & DATE
3. AWB NO & DATE
4. DESCRIPTION
5. QUANTITY
6. RATE OF DUTY
7. DUTY FORGONE
8. BOND AMOUNT
9. NOTIFICATION & DATE
10. BANK GUARANTEE
11. VALIDITY OF B/G.
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NOT WITH STANDING ANYTHING HERE IN CONTAINED OUR LIABILITY
UNDER THIS GUARANTEE SHALL.
1. BE LIMITED TO A SUM OF RS. _________ alongwith interest 15% p.a.
2. Standard completely discharges and all your rights under this bond shall
extinguished if any claim or demand is made upon us in writing or before
(date)
WITNESS
1.
2.
SIGNATURE OF IMPORTER/AUTHORISED
PERSON