private warehouse

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praveen joshi (Querist)
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14 February 2011 sir
we are import some raw material
when this material arrive at port on those day its not possibal to clear custom on the spot dut to financial problem,
now we are thinkig that if we are clear this material under bond from custom and storage in private warehouse which is situated in our factory primise. when we required this material we are clear custome duty and got it to use our manufacturig process.
sir pl inform me that is it possible ?
if yes than how ?
pl can u give me a complete process of private warehouse and how to custome clearance ?
Regards
joshi

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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14 February 2011 Where bonding facility is desired on importation, the importer or his representative is required to present to the Customs a Bill of Entry for warehousing (also known as Into-Bond Bill of Entry) in the prescribed form along with relevant documents required. The duties liable are assessed but not required to be paid. A suitable bond has to be executed with the Bond Section before Customs allow bonding. Once the warehousing bond has been executed by the importer, the Customs may order the deposit of the goods in the warehouse. The goods are normally escorted to Bonded Warehouse if the warehouse is at the same port/airport station where goods landed. Otherwise these are allowed to be moved under a transit bond - without escort.

The whole of the bonded goods are to be fully accounted for - by way of home consumption/export etc. Once all the goods brought under any bond have beeen accounted for to the satisfaction of the Customs officer, after payment of all duties etc., the Customs officer cancels and returns the bond executed as discharged in full

http://www.cbec.gov.in/customs/cs-manual/manual_10.htm

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