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Bonded Goods

Shreyalmuri (CA Final) (236 Points)

15 January 2009

Is there any expire date on the goods imported and bonded @ Warehouse as per Customs Act.
pls its urgent reply.....!

Sree :)

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Rajesh Kumar (Advocate- Tax) (7806 Points)
Replied 15 January 2009

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.