what is B-17 bond

Bonding means a simple procedure whereby the production premises of the Unit is designated as a duly authorised place where the duty free imported/domestically procured material can be stored or used. B-17 Bond B-17 Bond is a surety bond taken to cover almost all the activities of the unit. These include: Transhipment of import/export goods between port of import/export and units premises. Duty free import/procurement from the indigenous sources as per relevant notification and warehousing/storage in the unit. Movement of duty free goods for job work and return. Temporary clearance for repair and display in exhibition, testing/approvals etc Movement of goods against AR-4, AR-3A, and CT-3 etc and transfer from one warehouse to another. The Bond amount is equal to 25% of the duty foregone of the capital goods required in the next 5 years plus duty foregone on the value of raw material required for a period of 3 months. In the event of a valid Surety to the Bond not being arranged, a further security @ 5% of the Bond amount has to be furnished

b-17 bond a statutory documents which is excuted between Excise and the owner of the PBWH established under customs ACT section 58 its hv the standered formate so there is no scop of finding any quarries

We are one of the EOU unit in Mysore. We have executed an DTA order. Before this we have procured the raw materials at nil rate of duty, by Procurement certificate & CT3 form. By debiting of duty foregone amount in B-17 running bond. After completion of the DTA order we are eligible to take re-credit of duty foregone amount in B-17 running bond.

Please clarify in this regard.

 

Dear sirs,

What are the documents to be submitted for obtaining Procurement certificate & CT3 form for EOU in bangalore.

Please help in this issue.

A. Muthu Ananda, 98444 81471, muthuananda @ gmail.com

 

 

The industry pracitce has been to mainitain a running B-17 bond account by debiting the B-17 Bond with the duty exemption values claimed under NF52/2003. The same Bond is reversed (Creidited) for the value when the said goods are disposed by approved methods like De-bond/ IUT/ Re-export/ Scrapping.   As a result, the Bond is always maintained for the net value of total duty exemptions availed under NF 52/2003.  However, the departement recently started objecting to reversing the value with a debit entry when Goods are disposed with prior approvals from the concerned office.  Is there any formal circular/ NF/ Department clarification confiming the process of reversing the duty forgone ??

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https://www.tendersontime.com/publish-tender/b-17-bond-advanced

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