A bonded warehouse is a licensed warehouse located near a port. It is either owned by the government or works under the supervision and control of the government. It is called a bonded warehouse because the goods deposited with it are held in a bond. When an importer does not wish to pay the customs duty and withdraw the imported goods from the dockyard immediately, he is allowed to keep the goods in bonded warehouse. An importer has to secure special permission of the customs house. Goods kept in the bonded house can be withdrawn by the importer only after payment of customs duty on such goods. Bonded warehouses are very useful to an importer. He can pay the import duty in installments by withdrawing the goods in parts. If he wishes to export the goods kept in a bonded warehouse, he need not pay the import duty. The importer has not to block up his capital in the payment of import duty aheads of sale or use of the goods.
0 comments:
Post a Comment