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of <h1>Finance Bill 2016: New Sections 58, 58A, 58B Introduced for Licensing and Regulation of Private and Special Warehouses</h1> Clause 122 of the Finance Bill, 2016 proposes to replace section 58 of the Customs Act with new sections 58, 58A, and 58B. Section 58 allows the Principal Commissioner or Commissioner of Customs to license private warehouses for storing dutiable goods. Section 58A permits licensing of special warehouses, which require proper officer supervision for access and removal of goods. Section 58B provides the authority to cancel licenses if the licensee violates the Act, rules, or license conditions, with provisions for suspension during inquiries and guidelines for handling goods if a license is canceled.
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