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of <h1>New Special Warehouse Licensing Rules: Key Requirements and Eligibility Criteria under Customs Act, 1962.</h1> The Special Warehouse Licensing Regulations, 2016, issued by the Central Board of Excise and Customs, outline the requirements for obtaining a special warehouse license under the Customs Act, 1962. Applicants must be Indian citizens or registered entities, provide a solvency certificate, and comply with specified terms. Licenses will not be granted to insolvent individuals, those with criminal convictions, or unsuitable premises. Conditions include obtaining insurance, paying duties, and appointing an experienced warehouse keeper. Licenses are non-transferable and can be surrendered under certain conditions. Existing warehouses have a transitional period to comply with the new regulations.
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