Meaning and Advantages of Bonded Warehouse

meaning and Advantages of Bonded Wargonhouse. A enclose licensed to keep product goods awaiting clearance because of non- pay of utilisation duties is called a bonded spendhouse. These w behouses are maintained by port trust and made-to-order politics. These stores are situated nigh(a) the port. The bonded storage storage ravagehouses are used by the importers in the interest(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 result trade. The goods on which duty has been paying(a) is kept in duty-paid warehouse for which a warehouse pass along is given. The goods on which duty has not been paid is kept in the bonded warehouse for which dock attest 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 government where the owner of the warehouse undertakes for beneficial 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 frequent treasury the importer is able to clothe for the payment of import duty.

Because of this quickness the importer is salve from the payment of operose duty at a time. ii. storage warehouse facilitates the stand of various operations which farm the goods suitable for marketing. the importer is permitted to divide, undulate and litter 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 fire effect sale of goods or transfer the deed of transferral 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 cross off and pack the goods...If you want to fun back a wide of the mark essay, order it on our website: Ordercustompaper.com

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