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of <h1>Finance Bill 2016: Clause 121 to replace Customs Act section 57, centralizing public warehouse licensing authority.</h1> Clause 121 of the Finance Bill, 2016, proposes to replace section 57 of the Customs Act with a new provision. This amendment authorizes the Principal Commissioner of Customs or the Commissioner of Customs to license public warehouses for the storage of dutiable goods, subject to prescribed conditions. This change centralizes the licensing authority for public warehouses under customs officials, aiming to streamline the process for storing goods subject to duties.
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