to observe all the provisions of this Act and the rules and regulations in respect of such goods;

all duties, and interest, if any, payable under sub-section (2) of section 61;

rent and charges claimable on account of such goods under this Act, together with interest on the same from the date so specified [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

[ to discharge all penalties incurred for violation of the provisions of this Act and the rules and regulations in respect of such goods.] [Substituted by Act 55 of 1991, Section 6, for sub-Section (1) (w.e.f. 23.12.1991). ]

(2)

For the purposes of sub-section (1), the [Assistant Commissioner of Customs or Deputy Commissioner of Customs] [

(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.