Effective Monitoring of Warehoused goods to safeguard revenue

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.... 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 areas under: - (i) That there are no of warehousing bonds submitted by the importers for which the warehousing period of the imported goods had already expired, but the licensees 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-to-bond transfer basis do not provide Bank Guarantee, where ever required at the time of execution of bond for the bond to bond sale of warehoused goods dur....

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....harged. vii) That the importers are submitting fresh warehousing bonds against their continued imports even though they have not discharged their old bonds liability executed with ICD Tughlakabad even though in many case their Bond period had already expired. The Bond section has been writing letters to the importers to submit particulars of warehoused goods, which are time-expired, but from many importers response is yet to be received. viii) That a list containing name of importer, Into Bond B/E details (whose bonding period has already expired but not submitted particulars for closure of their respective Bonds) is enclosed as Annexure to this public notice for information of all stakeholders. This list may be subsequent....

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.... the time period of warehousing has been extended when sold on the bond-to-bond transfer basis, the buyer-importer is required to submit Bond with Bank Guarantee of the requisite amount as per Section 59 of the Customs Act read with Circular No. 21/2016 at the time of applying for acceptance of the bond. After effecting the sale through the bond-to-bond transfer& acceptance of Bond with Bank Guarantee, if any from buyer-importer, the Bank Guarantee if any, of the same amount as executed by the seller-importer will be considered for release to seller-importer; (v) the importer of the warehoused goods who had filed Ex-bond Bills of Entry, but not discharged the duty liability, is advised to do soothe same immediately or cancel their ....