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Questions and Answers
What type of goods require full insurance coverage when deposited in a warehouse?
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?
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?
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?
What is the minimum amount of solvency required for applicants of private bonded warehouses?
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What is required for an importer who wants to store goods in a bonded warehouse?
What is required for an importer who wants to store goods in a bonded warehouse?
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