{"act":{"id":"finance-act-2016","short_title":"The Finance Act, 2016","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2016-2017.","act_number":null,"act_year":2016,"enact_date":"2016-06-27","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":276,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2016/"},"unit":"section","section":{"number":"126","heading":"Substitution of new section for section 59","text":"Substitution of new section for section 59 126 . In the Customs Act, for section 59, the following section shall be substituted, namely:— \"59. Warehousing bond.—(1) The importer of any goods in respect of which a bill of entry for warehousing has been presented under section 46 and assessed to duty under section 17 or section 18 shall execute a bond in a sum equal to thrice the amount of the duty assessed on such goods, binding himself— (a) | to comply with all the provisions of the Act and the rules and regulations made thereunder in respect of such goods; (b) | to pay, on or before the date specified in the notice of demand, all duties and interest payable under sub-section (2) of section 61; and (c) | to pay all penalties and fines incurred for the contravention of the provisions of this Act or the rules or regulations, in respect of such goods. (2) For the purposes of sub-section (1), the Assistant Commissioner of Customs or Deputy Commissioner of Customs may permit an importer to execute a general bond in such amount as the Assistant Commissioner of Customs or Deputy Commissioner of Customs may approve in respect of the warehousing of goods to be imported by him within a specified period. (3) The importer shall, in addition to the execution of a bond under sub-section (1) or sub-section (2), furnish such security as may be prescribed. (4) Any bond executed under this section by an importer in respect of any goods shall continue to be in force notwithstanding the transfer of the goods to another warehouse. (5) Where the whole of the goods or any part thereof are transferred to another person, the transferee shall execute a bond in the manner specified in sub-section (1) or sub-section (2) and furnish security as specified under sub-section (3).\"","html":"<p><b>Substitution of new section for section 59 </b></p><p><b>126 </b>. In the Customs Act, for section 59, the following section shall be substituted, namely:—</p><p>\"59. <i>Warehousing bond</i>.—(1) The importer of any goods in respect of which a bill of entry for warehousing has been presented under section 46 and assessed to duty under section 17 or section 18 shall execute a bond in a sum equal to thrice the amount of the duty assessed on such goods, binding himself—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>to comply with all the provisions of the Act and the rules and regulations made thereunder in respect of such goods;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>to pay, on or before the date specified in the notice of demand, all duties and interest payable under sub-section (2) of section 61; and</td></tr><tr><td>(<i>c</i>)</td><td></td><td>to pay all penalties and fines incurred for the contravention of the provisions of this Act or the rules or regulations, in respect of such goods.</td></tr></table></div><p><span class=\"num\">(2)</span> For the purposes of sub-section (1), the Assistant Commissioner of Customs or Deputy Commissioner of Customs may permit an importer to execute a general bond in such amount as the Assistant Commissioner of Customs or Deputy Commissioner of Customs may approve in respect of the warehousing of goods to be imported by him within a specified period.</p><p><span class=\"num\">(3)</span> The importer shall, in addition to the execution of a bond under sub-section (1) or sub-section (2), furnish such security as may be prescribed.</p><p><span class=\"num\">(4)</span> Any bond executed under this section by an importer in respect of any goods shall continue to be in force notwithstanding the transfer of the goods to another warehouse.</p><p><span class=\"num\">(5)</span> Where the whole of the goods or any part thereof are transferred to another person, the transferee shall execute a bond in the manner specified in sub-section (1) or sub-section (2) and furnish security as specified under sub-section (3).\"</p>","words":309,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/126/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}