Warehousing – Test 1

Warehousing is resorted to in case where the importer does not want to clear the goods immediately

The consideration the importer is required to pay for the facility of warehouse was that ———–

An importer who intends to gets his goods warehoused files an Into-bond Bill of Entry [Bill of entry for Warehousing], which is assessed to customs duty at the port of import

Section 46(1) stipulates that the importer of any goods, other than goods intended for transit or transhipment, shall make entry thereof by presenting to the proper officer a bill of entry for home
consumption or a bill of entry for warehousing in the prescribed form ——-

Section 15(1) stipulates that the rate of duty and tariff valuation, if any, applicable to the imported goods shall be the rate and valuation in force in the case of goods entered for home consumption under section 46, on the date on which ———-

Section 15(1) stipulates that the rate of duty and tariff valuation, if any, applicable to the imported goods shall be the rate and valuation in force in the case of goods cleared from a warehouse under section 68, on the date on which ———–

Public warehouse is dealt under section ————

Private warehouse is dealt under section ————-

Special warehouse is dealt under section ———-

—————-may give license to public warehouse.

————may give license to private warehouse.

The Principal Commissioner of Customs or Commissioner of Customs may, subject to such conditions as may be prescribed, licence a special warehouse wherein dutiable goods may be deposited and such warehouse shall be caused to be locked by the proper officer and no person shall enter the warehouse
or remove any goods therefrom without the permission of the proper officer

License may be granted to an eligible applicant [citizen of India/entity incorporated in India; who submits undertaking to comply with prescribed terms & conditions and furnishes solvency certificate of `Rs ———–crore from a Scheduled Bank

Where after the inspection of premises, Principal Commissioner/ Commissioner of Customs, is satisfied that prescribed conditions/procedures have been fulfilled and required documents have been furnished, he may grant the license

The license is not required to be renewed annually

License would be cancelled on written request of the licensee

The licensee will be given a reasonable opportunity of being heard before such cancellation

Once the licence is cancelled, the warehoused goods will be removed from such warehouse within ———–days from the date on which order of such cancellation is served on the licensee

The warehoused goods can be removed ————

Section 59 requires the importer to submit bond for an amount equal to ———– times the duty amount involved.

When the importer executes a bond in a sum equal to thrice the amount of the duty assessed on such goods, he thereby bind himself

The bond will continue to be in force notwithstanding the transfer of the goods to another warehouse.

The serial number of OTL along with date & time of its affixation needs to be endorsed upon Into-Bond Bill of Entry and transport document

When the goods are removed from the customs station of import for warehousing, the proper officer affixes a one-time lock (OTL) on the container or means of transport

The Principal Commissioner of Customs /Commissioner of Customs may permit movement of goods without affixation of such OTLs, where the nature of goods or their manner of transport so warrant

The period for which imported goods may be kept in a warehouse without payment of duty is called

Warehousing period is till the expiry of ————–year from the date of order under section 60(1).

————–may extend the warehousing period by not more than 1 year at a time

A licensee shall file with the Bond Officer a monthly return in prescribed form, of the receipt, storage, operations and removal of the goods in the warehouse, within ————days after the close of the month to which such return relates

The records and accounts are required to be preserved for a minimum period of ———– years from the date of removal of goods from the warehouse, and shall be made available at the warehouse at all times and accessible to the Bond Officer or any other authorised officer for verification.