SPECIAL WAREHOUSE LICENSING REGULATIONS, 2016

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The Tax Publishers SPECIAL WAREHOUSE LICENSING REGULATIONS, 2016 [M.F. (D.R.) Notification No. 72/2016-Cus. (N.T.), dated 14-5-2016] In exercise of the powers conferred by section 157 read with section 58A 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 shall be called as the Special 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 special warehouse under section 58A; (c)section means section of the Act; (d)special 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 58A, wherein dutiable goods may be deposited. (2) The words and expressions used herein and not defined in these regulations but defined in the Act shall have the same meanings respectively as assigned to them in the said Act. REGULATION 3. Licensing of special warehouse. (1) Upon an application being made to license a special 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)furnishes a solvency certificate from a scheduled bank for an amount as may be specified by the Principal Commissioner of Customs or Commissioner of Customs, as the case may be : SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

SPECIAL WAREHOUSE LICENSING REGULATIONS, 2016

[M.F. (D.R.) Notification No. 72/2016-Cus. (N.T.), dated 14-5-2016]

In exercise of the powers conferred by section 157 read with section 58A 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 shall be called as the Special 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 special warehouse under section 58A;

(c)section means section of the Act;

(d)special 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 58A, wherein dutiable goods may be deposited.

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

REGULATION 3. Licensing of special warehouse. (1) Upon an application being made to license a special 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)furnishes a solvency certificate from a scheduled bank for an amount as may be specified by the Principal Commissioner of Customs or Commissioner of Customs, as the case may be :