KNOW ALL MEN BY THESE PRESENTS that we (1) A son of…………….. resident of ………………… hereinafter called the Importer, which expression shall unless it be repugnant to the context or meaning thereof, be deemed to mean and include his heirs, legal representatives, executors and administrators, (2) B son of ……… resident of hereinafter called the surety, which expression shall unless it be repugnant to the context or meaning thereof, be deemed to mean and include his heirs, legal representatives, executors and administrators, bind ourselves jointly and severally unto the President of India through the Joint Chief Controller of Imports and Exports of the sum of Rs ………… . for which payment will and truly to be made, we bind ourselves firmly by these presents Signed by us this ………… day of ………. 20 ……

WITNESSES

Signature

WHEREAS
The Joint Chief Controller of Imports and Exports …………. (hereinafter referred to as the said Joint Chief Controller of Imports and Exports, which expression shall include the person performing the duties of the Joint Chief Controller of Imports and Exports …………. for the time being) has vide letter dated permitted the clearance of………….., more particularly described in the Schedule hereinafter written, imported in India by the importer

NOW THE CONDITIONS OF THE ABOVE WRITTEN BOND are that if the said importer re‑exports the…………… at the time of his leaving India or obtains permission from the ITC Authority for leaving the ………. in India while proceeding abroad for a period exceeding . months and if the said importer shall not sell, pledge, mortgage. hypothecate or part with possession of the said ……………. or otherwise of the said . then the above written bond shall be void. but otherwise it shall remain in full force and virtue and it is hereby agreed and declared as follows:

(1) The above written bond shall remain in full force and virtue for a period of………… years from the date of import of ………….in India and said period shall be deemed to be renewed for such period as the said Joint Chief Controller of Imports and Exports may require before the expiry of the period

(2) On the demand made by the Chief Controller of Imports and Exports or any other licensing authority, the importer shall produce evidence that the ……………..is in his possession and ownership.

(3) The bond is deemed to be entered into by the parties under the order of the Central Government for the performance of an act in which the public is interested.

(4) Any forbearance on the part of the President or any other officer shall not in any way release the said surety, his heirs, legal representatives, executors and administrators from his or their liability under the above written bond.

(5) If the importer goes abroad, he shall not leave the………. In India without the permission from the licensing authority.
(6) If the importer commits breach of terms and conditions of this bond, he shall be liable to the penalties as provided under the Import (Control) Order, 1955, as amended from time to time in addition to his liability for payment of the amount of this bond.

Schedule of goods

IN WITNESS WHEREOF the parties hereto have hereunto set and subscribed their respective hands, the day and year first hereinabove written.

WITNESSES

1 Signed and delivered by the within named A

2. Signed and delivered by the within named B

Date:

Accepted for and on behalf of the President of India through the hands of Shri ………. the

Authorised Official