Monitoring of warehoused goods: stricter bond compliance and mandatory bank guarantees to safeguard customs revenue. The notice requires stronger oversight of Customs bonded warehouse operations to protect revenue by correcting practices such as expired uncleared bonds, failure of bond-to-bond buyers to furnish required Bank Guarantees, late or post expiry extension requests, filing Ex bond entries without duty discharge, nondisclosure of shelf life, and failure to submit clearance documentation. Mandatory measures include declaring shelf life as an annexure to bonds, limiting warehousing periods relative to shelf life, requiring timely extension applications and responses to demand notices for clearance or extension, mandating Bank Guarantees for bond-to-bond transfers of extended goods, and submission of supporting documents for bond closure.
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Monitoring of warehoused goods: stricter bond compliance and mandatory bank guarantees to safeguard customs revenue.
The notice requires stronger oversight of Customs bonded warehouse operations to protect revenue by correcting practices such as expired uncleared bonds, failure of bond-to-bond buyers to furnish required Bank Guarantees, late or post expiry extension requests, filing Ex bond entries without duty discharge, nondisclosure of shelf life, and failure to submit clearance documentation. Mandatory measures include declaring shelf life as an annexure to bonds, limiting warehousing periods relative to shelf life, requiring timely extension applications and responses to demand notices for clearance or extension, mandating Bank Guarantees for bond-to-bond transfers of extended goods, and submission of supporting documents for bond closure.
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