AVAILING DUTY EXEMPTION UNDER DEEC/EPCG SCHEME
I/We ______________________________________________having our registered office at ____________________________________________________hereinafter referred to as obligor(s) and M/s_________________________________________
Called the surety(ies) (which expression shall unless repugnant to the context of meaning thereof include our heirs, successors, executors, administrators, liquidators, legal representatives and assignees) hereby holdand firmly bind ourselves jointly and severally unto the President of India, noting through the (jurisdictional Assistant Commissioner of Customs) Department of Revenue, Ministry of Finance, Government of India, hereinafter referred to as the government in the sum of Rs._____________ only for which payment to be well and truly made I/We the obligors bind myself/ourselves by these presents.
WHEREAS I/We the Obligor(s) have imported goods listed in Annexure I availing customs duty exemption in the terms of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 71/98 dated __________ (hereinafter referred to as the said notification against the Import License No.____________ dated __________(hereinafter referred to as the license) for the import of the goods mentioned therein on the terms and conditions specified in the said notification and License.
WHEREAS I/We the Obligor(s) is/are manufacture exporter(s) holding Registration No._____________ with the Central Excise, Range-II__________________________
Whereas I/We the obligor(s) has/have undertaken to fulfill the export obligation as specified in the said notification and the license and to produce evidence of having so fulfilled the export obligation within 30 days from the expiry of the specified Export obligation period to the satisfaction of the Government.
NOW THE CONDITIONS OF THE ABOVE BOND THAT :
1. I/We the has/have shall observe all the terms and conditions of the said notification.
2. I/we the obligor(s) shall observe all the terms and conditions specified in the license.
3. I/We the obligor(s) shall fulfill the export obligation as specified in the said notification and the license and shall produce evidence of having so fulfilled the export obligation within 30 days from the expiry of the specified export obligation period to the satisfaction of the Government.
4. In the event of failure to fulfill full or part of the export obligation as specified in the said notification and license. I/We the obligor(s) herein undertake to pay the customs duty for the exemption and also interest @ 24 % per annum tehreon forthwith and without any demur, to the Government.
5. I/We obligor(s) shall comply with the conditions and limitations stipulated in the Import & Export Policy, as amened from time to time.
6. I/We 6. I/We the obligor(s) shall not change the name and style under which we, obligor(s) are doping business or change the location of the manufacturing premises except with the written permission of the Government.
If each and everyone of the above condition is duly complied with by us, the obligor(s), the above written bond shall be void of no effect, otherwise the same shall remain in full force and effect and virtue.
It is hereby declared by us the obligor(s) and Government as follows:
1. The above written bond is given for the performance of an act in which the public are interested.
2. The Government throught the Commissioner of Customs or any other officer of the Customs recover the sums due from the obligor(s) in the manner laid down in sub-section(1) of the section 142 of the Customs Act 1962.
Provided always that the liability of the surety hereunder shall not be impaired or discharged by reason of any time being granted, or any forbearance, act or omission of the Government (whether with or without the knowledge or the consent of the surety). In respect or in relation to the obligation and condition to be performed or discharged by the obligor(s) nor shall it be necessary to sue the obligor(s) before suing the surety for amounts hereunder.
And the President of India shall at his opinion be competent to make good all the loss and damages by endorsing his rights under the above written bond.
I/We further declare that this bond is given under the orders of the Central Government in the performance of an act in which the public are interested.
In these present the words imposing singular shall alsi include the plural vice-cersa where the context so requires.
IN WITNESS HEREOF these presents have been signed this day herein before written by the obligor(s) and the surety(ies)
SIGNATURE OF THE OBLIGOR