Customs Bond


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Related to Customs Bond: performance bond

Customs Bond

A bond or insurance policy covering a company in the event that it loses money as the result of failing to comply with customs regulations. A customs bond is posted with the government of the importing country to guarantee payment of fines and other fees.
References in periodicals archive ?
Tanzania is the only EAC state that does not recognise the Common Market for Eastern and Southern Africa (Comesa) Customs Bond Guarantee Scheme which shippers execute at the Mombasa port to move goods through Kenya, Uganda, Burundi, Rwanda and South Sudan.
Vehicles that require customs bond are stored in licensed customs bonded warehouses under the customs authority, in Kenya's case - the Kenya Revenue Authority.
The effect of the anti-dumping duty and customs bond enforced from 2004 was dramatic on Indian seafood exports.
* Post a customs bond. This can be done through a customs broker or by leaving a cash deposit using a bank draft or the local foreign currency.
The taxpayer contends that the Foreign Commerce Clause, Customs Convention on Containers and Import-export Clause preclude imposition of state sales tax on the lease of instruments of international traffic that enter the United States under Customs bond and are used exclusively in foreign commerce.
As per sub-clauses (c) and (h) of sub-rule (14) of rule 138 of the CGST Rules, no e-way bill is required to be generated where the goods are being transported: from the customs port, airport, air cargo complex and land customs station to an inland container depot or a container freight station for clearance by Customs; under customs bond from an inland container depot or a container freight station to a customs port, airport, air cargo complex and land customs station, or from one customs station or customs port to another customs station or customs port; under customs supervision or under customs seal.
Customs Bond Commissionerate is the key functionary to monitor operation of bonded factories, including bond-to-bond transfer,under authority and in accordance with the provisions of the Customs Act, 1969 read with relevant Rules, Standing Orders, Orders etc.
It will highlight Dubai's sea-land-air link, which allows the free movement of goods between Jebel Ali Free Zone, Jebel Ali Port, one of the busiest ports in the world, and Al Maktoum International Airport, which is designed to handle 12 million tonnes of freight, within a single customs bond.
It will further improve the efficiency of the Dubai Logistics Corridor, which connects the port, free zone and airport under a unified customs bond, creating one of the most efficient sea-air logistics link in the world.
COMESA has already developed a number of trade facilitation applications such as the COMESA Virtual Trade Facilitation System, an online platform for trade facilitation instruments and a regional customs bond; Regional Customs Guarantee Scheme.
Trade Risk Guaranty's website features do-it-yourself trade facilitation products including Customs bond, import/export commodity insurance, HTS classification and direct filing.
Zep-Re manages the Comesa Customs Bond Guarantee (RCTG) Scheme, a customs transit regime designed to facilitate the movement of goods under Customs seals in the Comesa region and to provide the required customs security and guarantee to the transit countries.

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