Private bonded warehouse licensing requires insurance, undertakings to pay duties, indemnity, experienced warehouse keeper and license validation. Applicants for Private Warehousing Licenses must submit prescribed undertakings and documents: an all risk insurance policy in favour of the President of India covering duty value of dutiable goods; an undertaking to pay duties, interest, fines and penalties under subsection (3) of section 73A or Warehouse Regulations; an indemnity for loss or damage to warehoused goods; evidence of an experienced warehouse keeper; and, for EOUs/EHTP/STPI, compliance with Bank Guarantee/security conditions in the Foreign Trade Policy. Existing licensees must validate licences under the new procedures within three months of the Regulations' commencement.
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Provisions expressly mentioned in the judgment/order text.
Private bonded warehouse licensing requires insurance, undertakings to pay duties, indemnity, experienced warehouse keeper and license validation.
Applicants for Private Warehousing Licenses must submit prescribed undertakings and documents: an all risk insurance policy in favour of the President of India covering duty value of dutiable goods; an undertaking to pay duties, interest, fines and penalties under subsection (3) of section 73A or Warehouse Regulations; an indemnity for loss or damage to warehoused goods; evidence of an experienced warehouse keeper; and, for EOUs/EHTP/STPI, compliance with Bank Guarantee/security conditions in the Foreign Trade Policy. Existing licensees must validate licences under the new procedures within three months of the Regulations' commencement.
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