TaxTMI 
TaxTMI 
TaxTMI 
Private Bonded Warehouses -Further Guidelines
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....essed in some quarters regarding methodology to be followed for licensing of private bonded warehouses. Accordingly, further guidelines for grant of such licences are issued and Commissioners are advised to ensure that these guidelines are followed in respect of new applicants and also in respect of the existing private bonded warehouse licences by giving them suitable time for compliance with the....
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.... rupees fifty lakhs (Rs. 50 lakhs); (ii) Such warehouses should not be located in residential areas; (iii) The premises must be carefully checked to ensure that they are secured against theft, pilferage or other risks and are easily accessible for the departmental officers for any surprise checks. In respect of existing licences, their location and other requirements should be reviewed and ac....
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....in respect of new applicants, their record is clean and that the proprietor or partner or any of the directors are not involved in any customs duty evasion or smuggling offence and have not been subject to a penalty or other action under the Customs Law and similarly under the Central Excise law. Where the applicants have been found to be involved in such offences (other than technical offenses), ....
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....ne) for each consignments. However, where a wherehouse-keeper wants to have revolving bond with a single bank guarantee for a higher amount, it can be accepted and suitable credit/ debit system for each consignment warehoused/ cleared can be operated. 4. For Non- Sensitive Goods (i) The applicant should be solvent and has a goods record. There is no need to insist on a solvency certificate of R....