Clarification on Insurance Amount and Bond Value for CCSPs andvalidity of Bond for AEO-LO-reg

Last updated: 09 November 2024

Notice Date : 08 November 2024

Government of India
Ministry of Finance
Department of Revenue
Central Board of Indirect Taxes and Customs
Customs Policy Wing
****

Room No. 252A, North Block, New Delhi
Dated: 08-11-2024

To,
All Principal Chief Commissioners/Chief Commissioners of Customs/Customs
(Preventive)/Customs & Central Taxes,
All Principal Commissioners/Commissioners of Customs/Customs (Preventive),
All Principal Director Generals/Director Generals of Directorates under CBIC.

Subject: Clarification on Insurance Amount and Bond Value for CCSPs andvalidity of Bond for AEO-LO-reg.

Madam/Sir,
Kind attention is invited to Board’s Circular No. 42/2016-Customs dated 31.08.2016which provided that average time taken for clearance of goods should be a relevantfactor in deciding amount of insurance and accordingly prescribed 10 days as anaverage dwell time to be considered while calculating the insurance amount as providedunder Regulation 5(1)(iii) of the Handling of Cargo in Customs Areas Regulations, 2009(hereinafter referred to as HCCAR).

Official copy of the circular has been attached