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of <h1>Finance Ministry Drops Mandatory Warehousing for Export Units, Eases Compliance from August 2016.</h1> The circular from the Ministry of Finance, dated 29th July 2016, announces the removal of mandatory warehousing requirements for Export Oriented Units (EOUs), Software Technology Park Units (STPIs), Electronics Hardware Technology Park Units (EHTPs), and Bio-Technology Park Units. This change, effective from 13th August 2016, aims to simplify compliance and enhance the ease of doing business. These units are now exempt from warehousing provisions under the Customs Act, 1962, but must maintain digital records of imported goods as per specified guidelines. The circular outlines new procedures for procurement and inter-unit transfers, replacing previous warehousing protocols.
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