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What is Pre-pact?
Pre-pact is a facility which enables you to deposit money in a government account in advance for subsequent adjustment against duties and taxes that may be leviable against your cargo to be cleared later. You may also use Pre-pact for furnishing cash securities in lieu of provisional clearances.
Is it mandatory to deposit amount in Pre-pact?
No. Pre-pact is for your facility and is completely voluntary.
What is the advantage of depositing advance amounts in Pre-pact?
While PACCS is 24X7 the banks are not. In case your cargo is arriving after banking hours, you will have to wait for the banks to open before you can file your declaration or clear your goods. The banks may be closed for two or more days due to national holidays. If your cargo is urgent, what do you do?
Pre-pact allows you to operate beyond banking hours. With Pre-pact you can truly enjoy the benefits of 24X7 facilities of Customs.
Can I withdraw my money after depositing it in Pre-pact?
Yes. Pre-pact is purely voluntary and you can withdraw any or all amount from Pre-pact whenever you wish.
Can Customs have access to any amount from my Pre-pact?
No. Although Pre-pact is a deposit in a government account, yet you retain full control of the money. Funds in Pre-pact cannot be taken over, frozen, adjusted etc. without your consent.
How can I withdraw from Pre-pact?
Please fill out the form as provided on the web and submit. The system computes your balance and in case you have sufficient balance a cross cheque is auto printed in favor of your account number as given by you in your profile.
How can I use Pre-pact to provide securities?
At times goods are cleared against securities. Under PACCS securities are strictly either cash or cash equivalents i.e. bank guarantee, pay-orders, Post dated cheques or cash deposit in Pre-pact.
The advantage with Pre-pact is that the moment the dispute is finalized, your amount paid as security in Pre-pact is either released to you or adjusted as duties and taxes based on the final decision.
In case the amount is released, you may use it to discharge the liability of duties and taxes for the next consignment or simply withdraw the amount.
Since Pre-pact is a common government account, how is my money identified?
Your money is tagged against your new NTN, which in turn is tagged to your user ID; as such you can see your balance online.
Why should I trust the government and make advanced payment?
Use of pre-pact is purely a matter of your choice; if you are not convinced of the utility of Pre-pact, you don’t have to use it.
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