In
exercise of the powers conferred by section 157 of the Customs Act, 1962 (52 of
1962), read with section 18 of the said Act, the Central Board of Reve?nue
makes the following regulations, namely : These
regulations may be called the Customs (Provi?sional Duty Assessment)
Regulations, 1963. Where
the proper officer on account of any of the grounds specified in sub-section
(1) of section 18 of the Customs Act, 1962 (52 of 1962), is not able to make a
final as?sessment of the duty on the imported goods or the export goods, as the
case may be, he shall make an estimate of the duty that is most likely to be
levied hereinaf?ter referred to as the provisional duty. If the importer or the
exporter, as the case may be, executes a bond in an amount equal to the
difference between the duty that may be finally assessed and the provisional
duty and deposits with the proper officer such sum not exceeding twenty per
cent of the provisional duty, as the proper officer may direct, the proper
officer may assess the duty on the goods provisionally at an amount equal to
the provisional duty. (a)
Where provisional assessment is allowed
pending the production of any document or furnishing of any information by the
importer or the exporter, as the case may be, the terms of the bond shall be
that such document shall be produced or such information shall be furnished
within one month or within such extended period as the proper officer may
allow, and the person executing the bond shall pay the deficiency, if any,
between the duty finally assessed and the duty provisionally assessed. (b)
Where provisional assessment is allowed
pending the completion of any lest or enquiry, the terms of the bond shall be
that the person executing the bond shall pay the deficiency, if any, between
the duty finally assessed and the duty provisionally assessed. The
proper officer may require that the bond to be executed under these regulations
may be with such surely or se?curity, or both, as he deems fit.CUSTOMS (PROVISIONAL DUTY ASSESSMENT) REGULATIONS, 1963