time limit for keeping raw material in bonded ware house

[SARAVANAN RENGACHARY]

Sir,

please let us know what is the time limit for keeping the Raw materials in bonded warehouse (EOU).

I understand it was 3 years from the date of bonding. Recently it is amended without any time limit.

please clarify.

thanks.

Saravanan.

[Suryanarayana Sathineni]

Dear Mr. Saravanan,

As per the present provisions, the Time limit is 5 years which is valid based on the LOP.

Best Regards

Suryanarayana

[KASTURI SETHI]

Sh.Surya Narayana Ji,

Sir, I want to know under which Rule/Provision keeping raw material for 5 years in bonded warehouse.

Just for my knowledge please.

Thanks & Regards.

Kasturi sethi

[Suryanarayana Sathineni]

Dear Kasturi Sethi Ji,

Now the period of keeping the materials in warehouse is made co terminus with the LOP period. You please refer the EOU Schem and the latest provisions.

Government relaxed the earlier provisions considering applying for extension permissions time and again being time taking and cumbersome .

Best Regards

Suryanarayana

[KASTURI SETHI]

Sh.Surya Narayana Ji,

Thank you, Sir.

[Ganeshan Kalyani]

Thanks Sri Surya ji and Sri Kasturi Sir for enriching my knowledge. Thanks.

AI Summary

Storage period in bonded warehouses now runs co terminus with the LOP, simplifying extension requirements for EOUs.
Storage of raw materials in a bonded warehouse under the EOU scheme is now co terminus with the validity of the Letter of Permission (LOP), replacing earlier fixed multi year limits and reducing the need for repeated extension permissions.