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PUBLIC WAREHOUSE LICENSING REGULATIONS, 2016

[M.F. (D.R.) Notification No. 70/2016-Cus. (N.T.), dated 14-5-2016]

In exercise of the powers conferred by section 157, read with section 57 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following regulations, namely :-

REGULATION 1.Short title and commencement. (1) These regulations may be called the Public Warehouse Licensing Regulations, 2016.

(2) They shall come into force on the date of their publication in the Official Gazette.

REGULATION 2.Definitions. (1) In these regulations, unless the context otherwise requires, -

(a)Act means the Customs Act, 1962 (52 of 1962);

(b)applicant means a person who applies for a licence for a public warehouse under section 57;

(c)public warehouse means a site or building that is licensed as such by the Principal Commissioner of Customs or Commissioner of Customs, as the case may be, under section 57, wherein dutiable goods may be deposited;

(d)section means section of the Act.

(2) The words and expressions used herein and not defined in these regulations shall have the same meanings respectively as assigned to them in the said Act.

REGULATION 3.Licensing of public warehouse. (1) Upon an application being made to license a public warehouse, the Principal Commissioner of Customs or Commissioner of Customs, as the case may be, may issue a licence to an applicant who, -

(a)is a citizen of India or is an entity incorporated or registered under any law for the time being in force;

(b)submits an undertaking to comply with such terms and conditions as may be specified by the Principal Commissioner of Customs or Commissioner of Customs, as the case may be;

(c)furnishes a solvency certificate from a scheduled bank for a sum of two crore rupees :

Provided that the condition of furnishing a solvency certificate shall not be applicable to an undertaking of the Central Government or State Government or Union territory or to ports notified under the Major Port Trusts Act, 1963 (38 of 1963);

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