Bonded Goods

Section 61 of the Customs Act prescribes warehousing period. Normal period is 1 year. In case of EOU, it is three years. The goods should be cleared from the warehouse for before expiration of such period or extention should be taken, if permitted.

A warehousing beyond 90 days attract interest payment. When ever any requiest for extension is made, the imported is required to pay the accrued interest.