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WareHousing

Introduction

The warehousing of dutiable goods in a customs declared area on execution of a bond without payment of duty for a stipulated or required period is known as bonding of imported goods. The declared bonded area may be either private owned or public or even personal. This facility is given to the importers to have enough time for payment of duty or part clearances as the case may be. The section of the customs department, which deals with this warehousing facility system, is known as Bond Section because the imported goods are bonded to customs till payment of duty, in full with interest accrued as applicable.

The customs warehousing areas are being declared under sec.9 of Customs Act 1962 while the licenses for such warehouses are issued under sec. 57 for Public Bonded warehouses and under sec.58 for Private Bonded warehouses. The goods are bonded under sec. 59 of Customs Act 1962. Bond interest is collected after expiry of initial bonding period.

Another facet of warehousing system is that of the 100% Export Oriented Units. All the 100% EOUs are licensed under sec. 58 of Customs Act 1962 as they are exempted from payment of duty though the goods being warehoused (including capital goods) are dutiable. Monitoring the system of 100% EOUs are governed by notifications issued by the Government of India time to time. The Units under Software Technology Parks also fall under 100% EOU category. The export of end products by 100% EOUs is as per sec.69 of Customs Act 1962.

The goods, components, spares, and food items, which are supplied to the Ship Stores of the vessels, are under the control of the Bond Section as the said ship stores are imported and warehoused under bond without payment of duty (The items supplied to ship stores of non-coastal vessels requires no duty). The supply to Ship stores is as per sec.68 of Customs Act 1962.

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