Customs (Finalisation of Provisional Assessment) Regulations, 2018

Regulation 10. Manner of closure subsequent to the finalisation of provisional assessment

(1) On finalisation of Assessment done provisionally under regulation 9, where -

(a) the final assessment has confirmed the provisional assessment; or

(b) the duty along with the interest has been paid in full, in case of home consumption or exportation, where the bill of entry or shipping bill has been returned for payment; or

(c) the importer has executed appropriate bond binding himself in relation to the excess duty, in case of warehoused goods,

the Bond executed at the time of provisional assessment with security, if any, shall be cancelled or recredited, as the case may be, and the security shall also be returned, if there are no pending dues.

(2) Where the duty, interest, fine, penalty or any other sum due has not been paid for more than ninety days, which is due to be paid after the finalisation of the assessment under sub-section (2) of section of 18 of the Act and the sum due has attained finality for recovery, then the sum due which remains unpaid shall be adjusted from the security, if any, obtained at the time of provisional assessment, or shall be recovered as the sum due, including the amount of interest to the Central Government by the proper officer in accordance with the provisions of section 142 of the Act, under intimation to the importer or the exporter.

(3) Where the importer or exporter is entitled to a refund, after the finalisation of provisional assessment, the refund shall be processed in terms of sub-sections (4) and (5) of section 18 of the Act.