If there exists a Private Customs Bonded Warehouse (PCBW) under the Software Technology Parks India (STPI) Scheme, can the land, on which such a PCBW exists, be sold as is (with an existing STP license) to a third party?
Information I already have:
1) Under the STPI Scheme, a company can apply for registration of a privately owned warehouse(s) as STPs.
2) Further such warehouses need to be registered under Section 58 of the Customs Act.
When you register a STPI unit you need to get license for Private custom bonded warehouses from Custom & Central excise departement. After getting the license it becomes custom bonded warehouse. To sell the land the STPI unit needs to be de-bonded from Custom & Central excise departement.
Dear Sir, Thank you for your reply. However would you be able to guide me where this rule is mentioned that in order to sell the land on wihch a bonded warehouse is situated you have to de-bond it first? Is there a specific act,rule, regulation this is mentioned in?
O P Bagla & Co LLP
New Delhi
CA Inter
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