Custom Bonded Warehousing Services, Warehouse Section 59 of Act 1962

Import Custom Clearing

Custom Bonded Warehousing Services

Import Custom Clearing

CUSTOM Bonded Warehouse For Importers

Do you need custom bonded warehouse services if you are an importer? Yes, our custom bonded warehousing services are one of our company's strong points. Our location near ICDs and airports allows us to offer lower costs to importers, since we serve across the country. The company we represent is one of the leading customs clearing agents in India.
So, the staff is fully up-to-date with customs procedures and has the best knowledge of how to handle shipments of customs-bonded warehousing under section 59 of 1962. Since we are custom house agents, we can provide you with better service for de-bonding and ex-bonding the cargo. Besides, our company specializes in international and domestic logistics, and we serve imports and exports on land, sea, and air.
In nutshell, our companies offer full-service solutions, including freight booking, customs clearance, bonded warehousing, workforce, and transportation.

In The Import Case - Custom Bonded Warehouse Under Section 59 of Act 1962

Custom Bonded Warehouse Under Section 59 of Act 1962 For more than two decades, we have been providing services in connection with Custom Bonded Warehouse under Section 59 of Customs Act 1962. Our bonded warehouse services are offered through our custom clearing department. We wanted to give you a brief update on bonded warehousing in India.
The importer who does not wish to pay duty at the time of importation. Then has the option of filing a bill of entry under custom bond for deposit of the goods into custom bonded warehousing under section 59 of the Customs Act of 1962. It is permissible for the importer to get customs clearance on part of the consignment under this provision. We have the expertise to handle cases related to customs bonded warehouses in an intelligent manner. In case more information is needed, please call +91-9717360020 or send an email to cargodeal@falconfreight.com.

Our Services - Re-exporting Through Bonded Warehouse Under Section 69 Customs Act, 1962

In accordance with section 69 of the Customs Act 1962, do you wish to re-export the cargo through a customs bonded warehouse? Of course, we provide re-exports services through custom bonded warehousing, which we consider one of our key competencies. Because we serve the entire country. Our company is among the top customs clearing agents in India.

In this way, our staff members know customs procedures and, under section 69 of customs act 1962, has the most information on shipments of re-exports against the bonded warehouses. Finally, we can say our team is very expert to execute the import bond as well as export bond with the customs in the case of re-exports. Especially we have a special arrangement of night stuffing the cargo in the case of re-export.

Bonded Warehouse

Benefits of Custom Bonded Warehousing

Having the flexibility of cargo clearance in part consignments (unlike other Container Freight Stations (CFS)/International Container Depots (ICD) thus accommodating the consumer/end-user and availing of bulk import benefits.
Benefits of duty deferment freeing up working capital and reducing costs
Get rid of the shipping line and port charges De-stuffing of cargo from shipping line containers into the bonded warehouse in order to avoid shipping line detention charges and port ground rent.
Postponed the duty till clearance Since the duty is due only upon clearance, the duty is paid at the time of clearance.
Utility addition At custom bonded warehouse the Labeling, packing, kitting, bar-coding, palletizing, and other authorized services can be provided.
Low storage cost you will be charged for each square foot per week by the custodian.
Re-export of your cargo from custom bonded warehouse

Overview of Customs Bonded Warehouse

This is a warehouse that is authorized by the Indian customs to operate the warehousing under 58 and 59 of act 1962. The act permits the handling, storage, or assembly of dutiable goods without being subject to duty. It may be managed by the state or by a private company. Using this concept of “bonded warehousing,” importers would store cargo and release part of the cargo at a later point, thereby deferring duty payments to Customs and also releasing the international (ISO) container in which the cargo was stored.

While the goods remain in the bonded warehouse, they may be cleaned, sorted, repackaged, or otherwise changed by processes that do not amount to manufacturing, under the supervision of the customs authority. In the wake of warehousing, the goods can be either exported to another bond (EOU, etc) without paying duty or consumed at no duty with payment of the appropriate rate for the goods in their renewed condition at the time of withdrawal.

Bonded warehousing offers importers a triple advantage. On one hand, it allows deferral of the payment of duties, and at the same time, it allows the shipping container to be returned to the yard, which would otherwise incur detention charges. Likewise, it allows the importer to store cargo in a relatively cheaper warehouse than to hold onto an ISO container lying at the port, which includes rental of both the container and the port / CFS.

Process

Process After Filling The Warehouse Bill of Entry & Until Ex-bonding

BOE for Bonding If the importer does not wish to custom clear the shipment immediately and would like the shipment to be warehoused at the Customs Bonded Warehouse. Afterward, the Bill of Entry for Bonding is submitted, so that the customs department can permit the transfer of import shipment to be warehoused at the customs-bonded warehouse without having to pay customs duties. The importer is required to execute a bond and postpone clearance to a later date. By filing a yellow-colored BOE for bonding, the importer is able to defer the payment of duty until he needs to clear the consignment.
The customs assess the consignment and determine the duty payable, and the importer executes a bond for the required value but does not need to pay the actual customs duty.

Ex-Bond Bill of Entry When imports are not custom cleared immediately on arrival but rather are warehoused in customs bonded warehouses. When the importer files an Ex-Bond Bill of Entry to clear the consignment from the warehouse after payment of duty, he or she can opt to clear it as a whole or in parts.
The valuation under the Ex-Bond Bill of Entry will take into account the rate of duty prevailing at the time of actual removal of imported goods from the warehouse and not the rate of duty assessed through the Bonding Bill of Entry. A revised tariff will prevail if there has been a revision at the time of removal from the bonded warehouse.
It is also known as the ‘Green Bill’ because of its green color.

Step-by-Step Procedure

Bonded warehousing under Section 59 of the 1962 act, Step-by-step (point-by-point) procedure

The execution of a bond.
Filing of ex-bond B/Es.
Preparation of an ullage report.
Provisional assessment of import duty and IGST, if applicable.
Get space certificate from bonded warehouse.
Filing a re-warehouse in-bond B/E outside the port with provisional duties to a bonded warehouse.
The re-warehousing at another specified bonded tank/godown.
Notification to Department for re-warehousing of specified goods and filing of notification before 24 hours to Department for anticipated clearance for production of specified goods or further re-warehousing of specified goods.
The deposit of proportionate duty payable and the filing of ex-bond B/Es for home consumption.
A clearance for production of specified goods or for a re warehousing of specified goods.
Finalization of the provisional assessment.

For more information you can reach out to us at:
+91-9717360020
or email us:
cargodeal@falconfreight.com

FAQ For Import the Goods Under Custom Bonded Warehouse Section 59 of Act 1962

What is ex-bond bill of entry

Filing of ex-bond bill of entry for bonding the goods in to the warehousing

What is yellow B/E

Filing the bill of entry of ex-bond for customs bonded warehousing

What is Green B/E

Filing the bill of entry for clearance the goods from custom bonded warehouse.

What is the procedure for clearing warehoused goods for home consumption?

A warehoused importer can clear the goods for domestic consumption by filing an ex-bond Bill of Entry and after payment of duties etc. in terms of section 68 of the Customs Act.

FAQ Re-export The Goods Under Custom Bonded Warehouse Section 69 of Act 1962

Are goods stored in customs-bonded warehouses required to undergo value addition and then be exported?

No. You can re-export warehoused goods without any processing under Section 69 of the Customs Act, 1962. The warehoused goods can also be cleared in DTA without any processing under Section 68 of the Customs Act, 1962. These legal provisions explain the conditions for such re-export or DTA clearances.

Duty on DTA clearance of goods by SEZ units

Duty on DTA clearance of goods by SEZ units shall be imposed under the provisions of section 12 of the Customs Act, 1962 and Customs Tariff Act, as in the case of physical importation of goods. … Special Economic Zones will be considered foreign territory for the purposes of duties and taxes under the new dispensation.

What is difference between DTA and SEZ?

Domestic Tariff Area (DTA) or Domestic Tariff Zone (DTZ) means an area within India that is outside the Special Economic Zones and EOU/EHTP/STP/BTP. The units operating under certain specific schemes such as EPZ/SEZ/EOU are expected to carry out their activities within a customs bonded area.

What is the process for exporting from the bonded warehouse?

Is it necessary to process goods stored in a customs bonded warehouse for value addition before removing them for re-export or for local consumption?

The answer is no. You can re-export the warehoused goods under Section 69 of the Customs Act, 1962 without any processing