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of <h1>Individuals Must Maintain Accurate Records for Specified Goods Over 15,000 as Per Section 11L of Customs Act, 1962.</h1> Section 11L of the Customs Act, 1962 mandates individuals possessing specified goods with a market value exceeding fifteen thousand rupees to maintain accurate accounts of these goods. This includes recording acquisitions or disposals and identifying parties involved. Such records must be kept at the storage location of the goods. If these goods are used in manufacturing, separate accounts must be maintained. In cases where a verification reveals a discrepancy in the stock, it is presumed that the shortfall has been illegally exported unless proven otherwise. Existing compliant accounts may suffice without additional record-keeping requirements.
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