Circular No. 13/2002-Cus.
22nd February, 2002.
Government of India
Ministry of Finance
(Department of Revenue)
Central Board of Excise & Custom
Subject: Appointment of custodians of EPZs/ICDs/CFSs – reg. – I am directed to refer to the Board’s Circular No.128/95-Cus., dated 14th December, 1995 regarding guidelines for appointment of custodians of EPZs/ICDs/CFSs. The said circular prescribes that for proper discharge of duties, the custodians shall execute a bond equal to the value of the goods likely to be stored in the premises for a period of 30 days, supported by a bank guarantee or a government bond or cash deposit equivalent to 10% of the value of the goods. A doubt has been raised as to whether the Central Government as well as State Government Undertakings appointed as custodians are required to furnish the bank guarantee or other form of security prescribed in the said circular.
2. The matter has been examined by the Board. It is clarified that all Central as well as State Public Sector Undertakings (PSUs) appointed as custodians of EPZs/ICDs/CFSs, are exempt from the requirement of bank guarantee or other form of security prescribed under the said circular. The PSUs may be appointed as custodians on execution of a bond equal to the value of the goods likely to be stored in the premises for a period of 30 days.
3.These instructions may be brought to the notice of all concerned by way of issuance of suitable Public Notice/Standing Orders.
4.Difficulties, if any, faced in the implementation of above instructions may be brought to the notice of the Board. Kindly acknowledge receipt.