Customs Eases Storage Insurance & Bonding Requirements for Authorized Logistics Operators.

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Full Text of the Document

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....The Public Notice clarifies the following regarding Customs Cargo Service Providers (CCSPs) and Authorized Economic Operators - Logistics Operators (AEO-LOs): Regulation 5(1)(iii) of Handling of Cargo in Customs Areas Regulations (HCCAR), 2009 has been amended. CCSPs now need to provide insurance equal to the average value of goods likely stored for 5 days, as specified by the Commissioner based on goods already insured by importers/exporters. Regulation 5(3) has been amended to reduce the custodian bond value furnished by CCSPs for imported/exported goods to cover 5 days of storage instead of 10 days. Regulation 10 has been amended making the approval for AEO-LO CCSPs as custodians valid till their AEO authorization remains valid and not suspended/revoked under Regulation 12. The custodian bond executed by AEO-LO CCSPs will have the same validity as their Regulation 10 approval.....