Bond requirement for warehousing: importers must execute triple duty bonds covering movement and accounting of goods. Importers must execute a triple duty bond at the customs station of import for goods deposited in a warehouse; the bond remains valid until goods are cleared for home consumption or export and covers movement from import station to warehouse, inter-warehouse transfers, and proper accounting while stored. The prescribed bond formats, finalized with the Ministry of Law & Justice, supersede earlier bond formats and are to be followed as per the Board circular.
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Bond requirement for warehousing: importers must execute triple duty bonds covering movement and accounting of goods.
Importers must execute a triple duty bond at the customs station of import for goods deposited in a warehouse; the bond remains valid until goods are cleared for home consumption or export and covers movement from import station to warehouse, inter-warehouse transfers, and proper accounting while stored. The prescribed bond formats, finalized with the Ministry of Law & Justice, supersede earlier bond formats and are to be followed as per the Board circular.
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