Where are prohibited warehouse found

1.	Where are prohibited warehouse found
Answer» The facility of warehousing of imported goods in Customs Bonded Warehouses, without PAYMENT of Customs duty otherwise leviable on import, is permitted under the Customs Act, 1962. Apart from specific provisions in the said Act (specially under Chapter IX), certain Regulations have been also framed and provisions of Warehoused Goods (Removal) Regulations, 1963 and Manufacture and Other Operations in Warehoused Regulations, 1966 could be referred to in this regard. Basically, goods after landing are permitted to be removed to a warehouse without payment of duty and duty is collected at the time of clearance from the warehouse. The LAW lays down the time PERIOD upto which the goods may remain in a warehouse, without incurring any interest liability and with interest liability. Explanation: Here is your answer.

Answer»

The facility of warehousing of imported goods in Customs Bonded Warehouses, without PAYMENT of Customs duty otherwise leviable on import, is permitted under the Customs Act, 1962. Apart from specific provisions in the said Act (specially under Chapter IX), certain Regulations have been also framed and provisions of Warehoused Goods (Removal) Regulations, 1963 and Manufacture and Other Operations in Warehoused Regulations, 1966 could be referred to in this regard. Basically, goods after landing are permitted to be removed to a warehouse without payment of duty and duty is collected at the time of clearance from the warehouse. The LAW lays down the time PERIOD upto which the goods may remain in a warehouse, without incurring any interest liability and with interest liability.

Explanation:

Here is your answer.

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