Hi this is Venkadesh Narayanan from IISCM. This topic is on Bonded Warehouses.
Bonded warehouses are established under the Customs Act, 1962. You can refer sections 57 to 73 under Chapter IX of Customs Act 1962 to learn the various provisions of bonded warehouse in India. Similar to this act almost all countries have legal provisions governed by their respective acts to establish the bonded warehouse. So what is a bonded warehouse? The warehouse promoter or the importer executes a bond with the Customs Department to establish the bonded warehouse, hence that name. Bonded warehouses are normally used by businesses who are in import and export business.
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