https://www.taxtmi.com/article/detailed?id=6721 The Finance Bill, 2016 restructures the customs warehousing regime by omitting obsolete provisions, substituting fresh provisions for transit, licensing of public, private and special warehouses (with conditions, locking and restricted entry), and cancellation/suspension powers; inserts a new custody provision (Section 73A) making licensees custodians with prescribed responsibilities and liability for unlawful removal; recasts warehousing bonds, removal permissions, storage periods, interest on extended storage, owner rights, deferred payment rules with prescribed interest, and expands recovery grounds and rule-making authority. en-us Thu, 03 Mar 2016 11:00:52 +0530 Thu, 03 Mar 2016 11:00:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6721 The Finance Bill, 2016 restructures the customs warehousing regime by omitting obsolete provisions, substituting fresh provisions for transit, licensing of public, private and special warehouses (with conditions, locking and restricted entry), and cancellation/suspension powers; inserts a new custody provision (Section 73A) making licensees custodians with prescribed responsibilities and liability for unlawful removal; recasts warehousing bonds, removal permissions, storage periods, interest on extended storage, owner rights, deferred payment rules with prescribed interest, and expands recovery grounds and rule-making authority. Articles Budget - Tax Proposals Thu, 03 Mar 2016 11:00:52 +0530 https://www.taxtmi.com/article/detailed?id=6721