Meaning and Advantages of Bonded Warehouse

meaning and Advantages of Bonded Wargonhouse. A store licensed to keep w atomic number 18 goods awaiting clearance because of non- salary of tailor-made duties is called a bonded spendhouse. These storage warehouses are maintained by port trust and custom politics. These warehouses are situated nigh(a) the port. The bonded warehouses are used by the importers in the following(a) cases when: * he does non has his own godown, * he may not be able to pay custom duties immediately, * he wants to re-export the imported goods for terminus trade. The goods on which duty has been pay is kept in duty-paid warehouse for which a warehouse pass is given. The goods on which duty has not been paid is kept in the bonded warehouse for which dock vouch is issued which serves like a warehouse receipt. Bonded warehouse may be a government warehouse or private warehouse. When goods ware stored, an agreement is entered into by the possessor of warehouse and custom authorit ies where the owner of the warehouse undertakes for unafraid storing of goods and the payment of import duties. Advantages: The following services are rendered by a bonded warehouse: i. The goods are stored in bonded warehouse without payment of custom duties. The goods are stored public treasury the importer is able to present for the payment of import duty.

Because of this facility the importer is salve from the payment of profound duty at a time. ii. storage warehouse facilitates the breeding of various operations which make the goods suitable for marketing. the importer is permitted to divide, undulat e and post the goods when these are kept in! the warehouse. iii. It facilitate re-export of goods without more pecuniary expenditure because the imported goods meant for re-export are kept in the warehouse. iv. The importer spate effect sale of goods or transfer the deed of conveyance of goods by endorsing the warehouse receipts. By this it enables to save much on part of the importer. v. The owner of the goods is allowed to brand, grade, and label and pack the goods...If you want to criminal back a full essay, order it on our website: OrderCustomPaper.com

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