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[Section 59] [Complete Act]
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Central Government Act
Section 59(1) in the Customs Act, 1962
(1) The importer of any goods specified in 2[***] sub-section (1) of section 61, which have been entered for warehousing and assessed to duty under section 17 or section 18 shall execute a bond binding himself in a sum equal to twice the amount of the duty assessed on such goods—
(a) to observe all the provisions of this Act and the rules and regulations in respect of such goods;
(b) to pay on or before a date specified in a notice of demand,—
(i) all duties, and interest, if any, payable under sub-section (2) of section 61;
(ii) rent and charges claimable on account of such goods under this Act, together with interest on the same from the date so specified 3[at such rate not below eighteen per cent. and not exceeding thirty-six per cent. per annum, as is for the time being fixed by the Central Government, by notification in the Official Gazette]; and
(c) to discharge all penalties incurred for violation of the provisions of this Act and the rules and regulations in respect of such goods.]