https://www.taxtmi.com/circulars?id=54566 Security for warehoused goods is subject to exemptions for specified governmental, project, energy, maritime and diplomatic consignments, while other imports must furnish transit insurance in favour of the President and bank guarantees on extensions. Non-sensitive goods require no security for the first year, 25% bank guarantee after one year, 50% after two years and full duty plus interest after three years; sensitive goods attract higher staged guarantees in public warehouses and require upfront bank guarantees when moved to private bonded warehouses. Warehousing extensions and security are administered by the Principal Commissioner/Commissioner at the port of import. en-us Tue, 31 May 2016 00:00:00 +0530 Tue, 31 May 2016 18:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=54566 Security for warehoused goods is subject to exemptions for specified governmental, project, energy, maritime and diplomatic consignments, while other imports must furnish transit insurance in favour of the President and bank guarantees on extensions. Non-sensitive goods require no security for the first year, 25% bank guarantee after one year, 50% after two years and full duty plus interest after three years; sensitive goods attract higher staged guarantees in public warehouses and require upfront bank guarantees when moved to private bonded warehouses. Warehousing extensions and security are administered by the Principal Commissioner/Commissioner at the port of import. Circulars Customs Tue, 31 May 2016 00:00:00 +0530 https://www.taxtmi.com/circulars?id=54566