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)]