Cap. 203 Art. 4Deposit by holder of a customs permit or production of bank guarantee.

(1) No customs permit shall be issued or renewed unless the holder of a customs permit deposits with the Comptroller a sum of not less than two hundred and thirty-two euro and ninety-four cents (232.94) and not more than two thousand and three hundred and twenty-nine euro and thirty-seven cents (2,329.37) as the

Comptroller may determine or a bank guarantee for a like amount issued by a local bank and made payable at call to the Comptroller.

(2) Such deposit or bank guarantee shall be required to cover any payment or part payment of duty on cargo in respect of which customs entries are presented by a holder of a customs permit, and the Comptroller shall have power to draw from such deposit or guarantee any amount in payment or part payment of duty as aforesaid.

(3) Nothing in this article shall be construed as limiting in any manner the responsibility of the holder of a customs permit in respect of duty.