Effective monitoring of Warehoused goods to safeguard revenue- reg.

Chennai Customs Issues New Guidelines on Warehoused Goods: Declare Shelf Life and Extend Bonds to Safeguard Revenue.

The circular from the Principal Commissioner of Customs, Chennai, addresses issues related to warehoused goods and the safeguarding of government revenue. It highlights improper practices by importers, such as failing to cancel or extend expired warehousing bonds, neglecting to provide bank guarantees during bond-to-bond transfers, and not declaring the shelf life of goods. To rectify these issues, new guidelines mandate declaring goods' shelf life, applying for warehousing extensions before expiry, and fulfilling duty liabilities promptly. The notice emphasizes compliance with these guidelines to ensure the proper closure of bonds and safeguard revenue. The notice is effective immediately.