(1) On the request of the customs office, the bank guarantee issuing Bank or financial institution shall pay the amount equivalent to the bank guarantee amount to the requesting customs office in whose favor the bank guarantee has been issued within Fifteen days of the date of such request.
(2) Until the payment pursuant to Sub-rule (1) is made by the Bank or Financial Institution to the customs office, the bank guarantee subsequently issued by the Bank or Financial Institution shall not be accepted.
(3) The Bank or Financial Institution which issued the bank guarantee in favor of the customs office, is not immune from the liability of payment equivalent to the amount mentioned in the bank guarantee, unless the bank or the financial institution receive letter notifying the release of the concerned bank guarantee by the customs office.