Beyond Borders - January 2019
17 January 2019
BDO in India presents Beyond Borders - The Customs & International Trade Journal. The monthly issue of the C&IT journal covers recent developments in the world of Customs & Foreign Trade in India, current global & technological trends and insights from eminent faces in the trade.
Cover story on Customs Bonded Warehousing – An insight into the Trade Facilitation measures recently introduced in India
The customs bonded warehousing provides for deposit of imported goods in the custom bonded warehouses, without payment of duty otherwise leviable on import, as permitted under the Customs Act, 1962 (‘the Customs Act’ or ‘the Act’). This means, under imports, if the importer does not wish to take immediate delivery of the goods upon its arrival, he can store the goods in the custom bonded warehouse. He need not pay the duty of his goods at that moment and can pay the same at the time of clearance from the warehouse. The goods can be removed together or in parts as per convenience. The law lays down the time period up to which the goods may remain in a warehouse, without incurring any interest liability and with interest liability in specified cases.
We hope you have an insightful read.