Bonded warehouse - Explain

What is Bonded warehouse

 

Meaning of Bonded warehouse. what are the benefit of Bonded warehouse.

Bonded Warehouse is a warehouse authorized by Customs authorities for storage of goods on which payment of duties is deferred until the goods are removed. When goods enter a bonded warehouse, both the importer and the warehouse proprietor incur financial and legal liability under a bond. 

 

The concept of custom Bonded Warehousing has been promoted with a view to facilitate deferred payment of custom duty to encourage entrepreneurs and export oriented units to carry out their operations with least investment. The goods kept in the warehouse are safe and hence importer gets the time to arrange for the customs duty meanwhile. If the goods are not required immediately, they can keep in bonded warehouse for some time. If the importer doesn’t have his own warehouse, he can transfer the title of goods to someone else while the goods still being in bonded warehouse and then buyer can pay the custom duties to get the goods. Importers can store their un-cleared cargo in bond facility, thereby avoiding heavy container demmurage or paying Customs Duty up front.

 

 

 

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Comments


CA SANDEEP KUMAR JAIN: from bonded warehouse the goods can be exported directly without paying any custom duty./igst

Gio: How does a bonded warehouse work? E.g. can we export it from China to a bonded warehouse in India ? Without an importer? Or the forwarder must act as importer? Can the exporter still own the goods at the bonded warehouse ? Thanks!

leja: We are a Trucking and Warehousing company based out of Linden, New Jersey specializing in the move of both import and export containers. I wanted to introduce myself and my company and see if you had any incoming containers that we can help you out with. Whether that be for drayage or our transloading / warehousing/trucking services, we would love to assist in any capacity. As an overview, our services include: Drayage in / out of the NJ NY Terminals - we run 50 owner ops daily We move containers throughout the North East Handling over 200 transloads weekly Our warehouse is FDA approved FBA Distribution Crating / OOG / In Gauge flat rack / Special Equipment Loading / Unloading Specializing in OW freight up to 65k lbs back to our facilities In total, we have over 500k square feet of warehouse space 237k sq ft at 340 S Stiles Street in Linden 144k sq ft at 201 Bay Ave in Elizabeth 120k sq ft at 10 North Ave in Elizabeth Please consider us for anything you think might be in our realm of business! If you have any questions on our capabilities, please do not hesitate to ask. I look forward to hearing from you, and moving some freight together!

kamal: I've work experience in West African countries in Logistics namely Benin,Ivory Coast, Ghana, Nigeria.I've been reading your blog on howtoexportimport.com from few days & its really very helpful and guiding. Im back in India & have come to Bengaluru to join a institute to get practical training in handling freight forwarders role, CHA' s role, FTP, Import Export Procedure,export incentives. But unfortunately the institute is not providing practical training as was described in syllabus. I have some queries on the following. May i seek your kind advise please. (i) If the goods are imported into India & the importer wants to export them without clearing the shipment. Please advise the procedure & which type of Shipping bill is required to be filed. Or (ii) if the goods are filed on Bill of Entry for Warehousing, can those goods be exported from customs bonded warehouse without filing ex bond bill of entry. Please advise the procedure & which type of Shipping bill is required to be filed. And (iii) Can those exports be eligible for any export incentives or drawback if applicable. Eagerly waiting for your kind advise.

Ajit Gorakh lohare: Bonded warehouse encourage trad give me the answer

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