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Question
Importers who do not have their own warehouses can keep their goods in these warehouses by paying nominal charges.
Options
Private
Public
Bonded
None of these
Solution
Bonded
Explanation:
A bonded warehouse is established under a bond with the customs authorities for the storage of dutiable goods until the payment of import duty. The owner of a bonded warehouse gives an undertaking not to release the goods until the customs duty is paid. Bonded warehouses are located in port towns and are licenced by the government.
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RELATED QUESTIONS
Warehouses licensed by the government and established specifically for storage of dutiable goods are called ______.
Which warehouses are generally located in rural and suburban areas where space is available at low cost?
The benefits of public warehousing includes ______.
These warehouses operate under the vigilance of customs officials.
______ and ______ have their own warehouses which are used by the Government to keep buffer stock of foodgrains for public distribution system.
What is bonded warehouse?
Write a short note on private warehouse.
Describe the different types of warehouses.
Discuss the advantages of Bonded Warehouse to importers.
Explain the utility of cold storage.
