Meaning and Advantages of Bonded Warehouse

meaning and Advantages of Bonded Wargonhouse. A store licensed to keep merchandise goods awaiting clearance because of non- remuneration of wont duties is called a bonded spendhouse. These wargonhouses are maintained by port trust and custom politics. These stores are situated nigh(a) the port. The bonded stores 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 salaried 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 owner of warehouse and custom authorities where the owner of the warehouse undertakes for sound 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 regularise for the payment of import duty.

Because of this facility the importer is salve from the payment of fleshy duty at a time. ii. storage warehouse facilitates the allot of various operations which make the goods suitable for marketing. the importer is permitted to divide, undulate and run the goods when these are kept in the warehouse. iii. It f! acilitate re-export of goods without more pecuniary expenditure because the imported goods meant for re-export are kept in the warehouse. iv. The importer pile effect sale of goods or transfer the deed of transport 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 wrench back a full essay, order it on our website: OrderCustomPaper.com

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