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(1)Subject to subsection (3), if goods referred to in section 2 are not accompanied by a valid carnet, the importer of the goods must give security in accordance with the requirements of the Financial Security (Electronic Means) Regulations and in an amount determined by the Minister in accordance with the conditions set out in tariff item No. 9993.00.00, to ensure
(a)the exportation or destruction of the goods under that tariff item, within the eighteen-month period referred to in that tariff item or any extension of that time period under section 3; or
(b)the payment of the customs duties that would be payable in respect of the goods pursuant to the Customs Tariff if the goods were classified under their applicable tariff item.
Federal laws of Canada reproduced under the Reproduction of Federal Law Order (SI/97-5); not the official version. Source: Justice Laws Website.