law: Custom Act, 1962 
  59.
  
  Warehousing Bond. – 
  (1)
  
  The importer of any goods specified in 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 at the rate of
  
  six per cent per annum or such other rate as is for the time being fixed by the
  
  Board; 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.
  (2)
  
  For the purposes of sub-section (1), the Assistant Commissioner of Customs may
  
  permit an importer to enter into a general bond in such amount as the Assistant
  
  Commissioner of Customs may approve in respect of the warehousing of goods to
  
  be imported by him within a specified period.
  (3)
  
  A bond executed under this section by an importer in respect of any goods shall
  
  continue in force notwithstanding the transfer of the goods to any other person
  
  or the removal of the goods to another warehouse :
  Provided  that where the whole of the goods or any part thereof are transferred
  
  to another person, the proper officer may accept a fresh bond from the
  
  transferee in a sum equal to twice the amount of duty assessed on the goods
  
  transferred and thereupon the bond executed by the transferor shall be
  
  enforceable only for a sum mentioned therein less the amount for which a fresh
  
  bond is accepted from the transferee.