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Questions
What is bonded warehouse?
What are bonded warehouses?
Solution
- A bonded warehouse is established under a bond with the customs authorities to store 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.
- These warehouses operate under the vigilance of customs officials.
- Bonded warehouses accept imported goods for storage before the payment of customs duty.
- Once the duty is paid, goods are released on the authority of a warrant issued by the customs authorities.
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