PRIVATE WAREHOUSE LICENSING REGULATIONS, 2016

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The Tax Publishers PRIVATE WAREHOUSE LICENSING REGULATIONS, 2016 [M.F. (D.R.) Notification No. 71/2016-Cus. (N.T.), dated 14-5-2016] In exercise of the powers conferred by section 157 read with section 58 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 as the Private 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 private warehouse under section 58; (c)private 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 58 wherein dutiable goods imported by or on behalf of the licensee may be deposited; (d)section means section of the Act. (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 private warehouse. (1) Upon an application being made to license a private warehouse, the Principal Commissioner of Customs or Commissioner of Customs, as the case may be, may issue a licence to the 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 an amount to be specified by the Principal Commissioner of Customs or Commissioner of Customs, as the case may be : SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

PRIVATE WAREHOUSE LICENSING REGULATIONS, 2016

[M.F. (D.R.) Notification No. 71/2016-Cus. (N.T.), dated 14-5-2016]

In exercise of the powers conferred by section 157 read with section 58 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 as the Private 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 private warehouse under section 58;

(c)private 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 58 wherein dutiable goods imported by or on behalf of the licensee may be deposited;

(d)section means section of the Act.

(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 private warehouse. (1) Upon an application being made to license a private warehouse, the Principal Commissioner of Customs or Commissioner of Customs, as the case may be, may issue a licence to the 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 an amount to be specified by the Principal Commissioner of Customs or Commissioner of Customs, as the case may be :