Cancellation and return of the warehousing bond [Section 73]:

When the whole of the goods covered by any bond executed under section 59 have been cleared for home consumption or exported or are otherwise duly accounted for, and when all amounts due on account of such goods have been paid, the proper officer shall cancel the bond as discharged in full and shall on demand deliver it, so cancelled, to the person who has executed or is entitled to receive it.

This provision is the final of the warehousing provisions. It impl ies that:

(i) all imported goods which have been warehoused have been duly accounted for in the proper manner provided therefor;

(ii) all the consequential charges on the goods as well as the owner of the goods like warehouse rent, warehouse charges, interest on the duty amount, penalty etc leviable from the importer have been paid;

(iii) all the conditions and obligations undertaken under the warehousing bond have been compiled with or duly fulfilled.

Then the bond gets discharged and the proper officer shall formally endorse cancellation thereof. Thereafter if the person who had executed the bond or any other person entitled to receive it demands the return of the cancelled bond, the proper officer shall return to that person. Otherwise the cancelled bond shall remain with the proper officer.