Meaning and Advantages of Bonded Warehouse

meaning and Advantages of Bonded Wargonhouse. A store licensed to keep trade goods awaiting clearance because of non- earnings of usage duties is called a bonded spendhouse. These w arehouses are maintained by port trust and custom politics. These storage 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 paid is kept in duty-paid warehouse for which a warehouse recognise 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 authorities where the owner of the warehouse undertakes for serious 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 crop for the payment of import duty.

Because of this facility the importer is salve from the payment of voiceless duty at a time. ii. storage warehouse facilitates the pick out of various operations which make the goods suitable for marketing. the importer is permitted to divide, undulate and hoop t he goods when these are kept in the warehous! e. iii. It facilitate re-export of goods without more monetary expenditure because the imported goods meant for re-export are kept in the warehouse. iv. The importer brush off 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 label and pack the goods...If you want to work back a full essay, order it on our website: OrderCustomPaper.com

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