solvency certificate

This query is : Resolved

bagavathi (Querist)
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10 July 2011 Hi, for the purpose of issuing customs agent licence, customs department asking for solvency certificate. If we approach bank, bank offiial insisting for security, which would be kept with them until we return solvency certficate. Instead of blocking our asset or cash with bank for many years, is there any other way to get solvency certifcate from other department or else? Please help.

CS Bijoy

CS Bijoy (Expert)
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11 July 2011 According to me Security means the money deposited with the Bank in case you are unable to pay the duty liable to be paid than that amount will be utilized for making payment of that duty.