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of <h1>Customs Act, 1962: Warehousing Rules for Imported Goods, Duty Payments, and Extensions Explained</h1> The Customs Act, 1962 allows the warehousing of imported goods in Customs Bonded Warehouses without immediate payment of duties, with duties collected upon clearance. Warehousing stations are designated by the Central Board of Excise and Customs, with powers delegated to Chief Commissioners. Public and private bonded warehouses can be appointed or licensed, following specific guidelines for storage of sensitive and non-sensitive goods. Importers need to execute a bond for warehousing, and goods can be stored for one year, extendable under certain conditions. Interest on duties applies if goods remain beyond the stipulated period, with possible waivers in exceptional cases. Warehoused goods can undergo manufacturing operations or be moved under bond, subject to regulations. They can be cleared for home consumption or exported, with certain restrictions on exports to specific countries. Customs can demand duty payment if bonded goods are not properly accounted for or removed unlawfully.
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