Section 7. After section 59 of the principal Act, the following section shall be inserted, namely:

(3) A bond executed under this section by an importer in respect of any goods shall continue in force notwithstanding the transfer of the goods to any other person or the removal of goods to another warehouse: Provided that where the whole of the goods or any part thereof are transferred to another person, the proper officer may accept a fresh bond from the transferee in a sum equal to twice the amount of duty and interest, if any, payable on the goods transferred and thereupon the bond executed by the transferor shall be enforced for a sum mentioned therein, less the amount for which a fresh bond is accepted from the transferee. (2) The duty paid under sub-section (1) shall be adjusted towards the duty finally payable. 7. After section 59 of the principal Act, the following section shall be inserted, namely:— "59A. (1) Notwithstanding anything contained in sub-section (2) of section 23 and in any other provisions of this Act, the importer of any dutiable goods specified in clause (b) of sub-section (1) of section 61, which have been entered for warehousing and assessed to duty under section 17 or section 18, shall deposit fifty per cent. of the assessed duty and execute a bond binding himself in a sum equal to twice the amount of the balance of such assessed duty and interest leviable on such balance,— (a) to observe all the provisions of this Act and the rules and regulations in respect of such goods; (c) to discharge all penalties incurred for violation of the provisions of this Act and the rules and regulations in respect of such goods.