transfer bonded goods from one company to another compa

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Querist : Anonymous

Querist : Anonymous (Querist)

03 March 2011 Hi
we have one bonded goods in one company Name Like AAA.
Now awe are going to open a new company Like BBB.
In this case, can we transfer that AAA's Bonded goods in to BBB's name ?
Is it is possible, what are the procedures , documents requirement..Plz explain.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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08 March 2011 Section 59 (3) of the Customs Act, 1962 provides for the transfer of bonded goods to another person. The sale of the warehoused goods to holders of duty exemption or duty concession license for the goods is permitted under the law (Board’s instructions issued from F. No. 473/43/94 dtd. 22.9.1994 refers in this regard).

Querist : Anonymous

Querist : Anonymous (Querist)

08 March 2011 in this case what are the formalities and document requirement, and any duty like to cusotms we need to pay ?
Plz help us.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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08 March 2011 FOR MORE INFO LOG ON TO :-
WWW.CBEC.GOV.IN

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