Custodianship obligations require compliance with customs regulations and impose liability for loss or pilferage of cargo. Custodianship is extended under Section 45(1) of the Customs Act subject to compliance with Section 45(3), the Handling of Cargo in Customs Areas Regulations, and all applicable laws. The custodian must maintain prescribed bonds and insurance, execute fresh bonds on expiry including separate export transshipment bonds, and is liable for duty and loss arising from fire, theft, pilferage or transit damage. Operational obligations include segregation and secure storage of imports, exports and transhipment cargo, provision of infrastructure, EDI connectivity with Customs, record-keeping, restricted movement of goods without proper officer permission, and publishing a schedule of charges.