Effective monitoring of Warehoused goods to safeguard revenue- reg.

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....ored in the Customs Bonded Warehouses under the provision of warehousing bond executed by the importer. 2. It has been observed that certain practices being followed by certain importers in above context are detrimental to the government revenue and not in consonance with existing provisions of law. Some of the same are as under:- (i) That there are number of Warehousing bonds submitted by the Importers for which the warehousing period of the imported goods had already expired, but the licencees have neither come forward to cancel their bond nor sought an extension of the warehousing period of uncleared warehoused goods; (ii) That, as per the prevalent practice, the subsequent bonders (buyer importers), who purchased goods on the bond-....

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.... Bonds Section, Chennai Customs Preventive Commissionerate even though in many cases their Bond period had already expired. 3. Therefore, in order to streamline the practice being followed in the Commissionerate to be in line with the provisions of the Act and the procedure laid by the Board, the following guidelines are being issued: i. At the time of initial warehousing or bond-to-bond transfer, the shelf life of the goods is mandatory to be declared as Annexure to the Bond submitted by the importer: ii. At the time of initial warehousing or bond-to-bond transfer, the shelf life of the goods to be warehoused is less than 1 year the request of warehousing period should be sufficiently lesser than the balance shelf life (at least two m....