Appointment of Public Warehouses under the Customs Act, 1962
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Appointment of Public Warehouses under the Customs Act, 1962

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Questions and Answers

What type of goods require full insurance coverage when deposited in a warehouse?

  • Sensitive goods
  • Fragile goods
  • Non-sensitive goods (correct)
  • Goods susceptible to natural calamities

    • Under what conditions can a suitable bank guarantee be obtained for a licensee of a private bonded warehouse?

  • If the concerned Customs officer is not satisfied with a transaction (correct)
  • If the licensee is unable to pay custom duty
  • If the licensee violates the provisions of the Customs Act
  • If the licensee fails to provide solvency certificate

    • When can the officer cancel or suspend the license of a private bonded warehouse?

  • If the licensee fails to obtain a solvency certificate
  • If the licensee fails to pay custom duty on time
  • If the licensee doesn't possess a good track record
  • If the licensee contravenes any provisions of the Customs Act (correct)

    • What is the minimum amount of solvency required for applicants of private bonded warehouses?

    <p>Rs. 10 lacs</p> Signup and view all the answers

    What is required for an importer who wants to store goods in a bonded warehouse?

    <p>An into Bond of entry</p> Signup and view all the answers

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