Effective Monitoring of Warehoused goods to safeguard revenue

Warehoused goods: new mandatory shelf-life, bank guarantee, extension timing and bond-closure requirements to protect revenue.

The notice prescribes mandatory procedures to safeguard revenue from Customs bonded warehouse operations: declaration of shelf life at initial warehousing or bond-to-bond transfer; restriction of warehousing periods where remaining shelf life is under one year unless shortened appropriately; timely in-period applications for extensions with justification; mandatory submission of bonds supported by Bank Guarantee for bond-to-bond transfers during extended warehousing; prompt payment or cancellation of Ex-Bond Bills of Entry; and submission of supporting documents for bond closure, failing which fresh bonds will be refused without senior approval.