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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

Appointment of Public Warehouses under the Customs Act, 1962

Choose a study mode

Podcast

Questions and Answers

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

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

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

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

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

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