(1) According to the Act and this regulation, a person shall submit an application to the customs officer in order to withdraw the bond deposited in the customs office within one year after the end of the purpose of such bond. Along with such an application, the receipt of the deposit at the customs office and any proof that the deposit should be returned should also be attached.
(2) After receiving the application according to sub-rule (1), the customs officer shall decide within seven days whether or not the bond should be returned as per the request of the applicant. If the bond amount is not to be returned, the applicant should be informed in writing with the reason.
(3) The customs officer shall prepare a list of the bond amount that has not been applied for refund within the time limit as per sub-rule (1) and deposit such bond amount in the revenue account at the end of every financial year in such a way that the customs officer shall make a decision and return it after providing proof.