Customs warehousing security: exemptions and staged bank guarantee requirements govern transit and storage obligations. Security for warehoused goods is subject to exemptions for specified governmental, project, energy, maritime and diplomatic consignments, while other imports must furnish transit insurance in favour of the President and bank guarantees on extensions. Non-sensitive goods require no security for the first year, 25% bank guarantee after one year, 50% after two years and full duty plus interest after three years; sensitive goods attract higher staged guarantees in public warehouses and require upfront bank guarantees when moved to private bonded warehouses. Warehousing extensions and security are administered by the Principal Commissioner/Commissioner at the port of import.