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of <h1>New Section 73A in Customs Act: Custodian Duties for Warehoused Goods, Liabilities for Unauthorized Removal per Clause 134.</h1> Clause 134 of the Finance Bill, 2016 proposes the insertion of section 73A into the Customs Act, detailing the custody and removal of warehoused goods. It mandates that goods remain with the licensed custodian until cleared for consumption, transferred, exported, or otherwise removed as per the Act. The custodian's responsibilities will be prescribed by regulations. If goods are removed against section 71, the licensee faces liabilities including duty, interest, fines, and penalties, alongside potential further legal action.
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