Regulation 10 – Execution of bond and furnishing of security – Customs House Agents Licensing Regulations, 2004

Customs House Agents Licensing Regulations, 2004

10. Execution of bond and furnishing of security. — (1) Before granting a licence under regulation 9, the Commissioner of Customs shall require the applicant to enter into a bond in Form D [See Customs Series Form No. 50 in Part 5] and, if necessary, a surety bond in Form E [See Customs Series Form No. 51 in Part 5] for due observance of these regulations and shall also require him to furnish a bank guarantee, postal security or National Savings Certificate in the name of the Commissioner of Customs for an amount of [Rs. 75,000/-] for carrying out of business as a Customs House Agent.

(2) If the applicant furnishes postal security or National Savings Certificate, the same shall be pledged in the name of the Commissioner of Customs and the applicant shall get the benefit of the interest accruing on it.