All-risk insurance requirement mandates insurance and undertakings to secure duty liability and appointment of experienced warehouse keeper. Regulation 4 conditions licence grant on customs inspection and compliance evaluation and requires the applicant to: provide an all-risk insurance policy in favour of the President covering specified risks for an amount equivalent to duty on dutiable goods; give an undertaking to pay duties, interest, fines and penalties under section 73A(3) or the Warehouse (Custody and Handling of Goods) Regulations, 2016; indemnify the Commissioner of Customs against liability for loss to warehoused goods from accidents or other unnatural causes during handling; and appoint an experienced warehouse keeper.
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Provisions expressly mentioned in the judgment/order text.
All-risk insurance requirement mandates insurance and undertakings to secure duty liability and appointment of experienced warehouse keeper.
Regulation 4 conditions licence grant on customs inspection and compliance evaluation and requires the applicant to: provide an all-risk insurance policy in favour of the President covering specified risks for an amount equivalent to duty on dutiable goods; give an undertaking to pay duties, interest, fines and penalties under section 73A(3) or the Warehouse (Custody and Handling of Goods) Regulations, 2016; indemnify the Commissioner of Customs against liability for loss to warehoused goods from accidents or other unnatural causes during handling; and appoint an experienced warehouse keeper.
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