Page 49 - COMBINED QUESTIONS AND ANSWERS - EDITION 2019 - PART II_Neat

BOND
Q-165: The continuity bond for
(i) Clearance of containers imported regularly
(ii) Clearance of containers imported temporarily
(iii) Clearance of containers imported permanently
(iv) None of the above

A-165: ii - Clearance of containers imported temporarily
Q-166: Explain the Bond Management System
A-166: ICES contain centralised Bond Section, which will be responsible for the maintenance of
documents related to Bonds, Bank Guarantees and Undertakings. The Concerned Assistant
Commissioner/Deputy Commissioner will handle the Bonds. The Bond Section will be
responsible for the following:
(i) Registration of Bonds/undertakings, Bank Guarantees, Sureties
(ii) Debit and Credit of Bonds for EDI B/Es and Manual B/Es
(iii) Closure of Bonds, Bank Guarantees
(iv) Enhancements

(v) Generating data for Issue of recovery notices
(vi) Generating data for Issue of reminders
(vii) Generation of MIS reports
The Revolving / continuity and the Specific Bonds will be registered and maintained
in the Bond Section. The Appraising Officer determines the Bond requirement. The type and
the amount of Bond are decided by the Appraising Officer and are approved by the Assistant
Commissioner. However system will assist in determining the type of Bond / BG and value.
Bond requirement details will be printed on the BE after the assessment. The details include
the type of Bond, amount and the Bank Guarantee. The Bonds will be managed centrally by
Bond/BG Section.
Q-167: Explain the registration of bond
A-167: The Bond module provides for registration of all Bonds / Undertakings, Bank
Guarantees, Sureties etc, in the system. The importer shall furnish the following details for
registration: -
Bonds / Undertakings
(i) Importer Exporter Code
(ii) Bond Type
(iii) Bond Amount *

(iv) Revolving / Specific
(v) Date of Bond
(vi) Date of Expiry
(vii) Date of enforcement
(viii) Whether BG Y/N
(ix) Surety Y/N

(x) Cash Deposit Y/N

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