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A person may provide security, in one of the following forms, to ensure the payment of duty and the discharge of any other obligations arising under the customs laws:

(a) a cash deposit or its equivalent;

(b) a bond given by a reputable bank, financial institution or insurance guarantor;

(c) an undertaking by an authorised economic operator; or

(d) Letters of Credit; or [Inserted by the Customs (Amendment)(No.2) Act, 2017 (Act 957)]

(e) bank guarantee or insurance cover. [Inserted by the Customs (Amendment)(No.2) Act, 2017 (Act 957)]