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of <h1>Customs Act Section 57: Licensing Public Warehouses with Solvency Conditions and Exemptions for Government Entities</h1> Section 57 of the Customs Act, 1962 authorizes the Principal Commissioner or Commissioner of Customs to license public warehouses for storing dutiable goods under prescribed conditions. Applicants for such licenses must be Indian citizens or legally registered entities, agree to comply with specified terms, and provide a solvency certificate from a scheduled bank for two crore rupees. However, this solvency requirement is waived for Central or State Government undertakings, Union territories, or ports under the Major Port Trusts Act, 1963. Applications are scrutinized based on these criteria before approval.
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