Bonded warehouses may face stricter scrutiny
The Indian government is contemplating stricter compliance norms for bonded warehouses, according to reports from New Delhi. The Central Board of Indirect Taxes and Customs (CBIC) is seeking feedback from stakeholders on proposed regulations that would mandate operators to maintain a digital record of goods' movement, transfer, and clearance.
Operators would be required to report any discrepancies to authorities within 24 hours of receiving the goods. All relevant information, including the receipt, storage, handling, transfers, permitted operations, and removal of goods, must be documented electronically and retained for a period of five years. Importers or owners of the goods would need to obtain insurance coverage for any potential customs duty liability that may arise during the goods' transit.
The proposed changes aim to enhance customs visibility for conducting targeted inspections and audits, while providing an electronic means to detect discrepancies in the custody and movement of bonded goods. The rules will only apply to public and private warehouses licensed under particular sections of the Customs Act, excluding those authorized for manufacturing or other operations.
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