Question
Outline four features of bonded warehouses.
Answer
- Located at country’s entry points like ports.
- Very spacious to accommodate bulky goods
- Goods are bonded till duty is paid
- Goods are released on production of release warrant
- Charges are made on all goods stored in them
- Goods may be sold while in bond
- Uncollected goods within stipulated time may be auctioned by the government.
- Goods may be prepared for sale while in bond
- Goods can be re-exported while in bond
- Goods are guarded by customs officials
- It is used for imported or exported goods.
- Very spacious to accommodate bulky goods
- Goods are bonded till duty is paid
- Goods are released on production of release warrant
- Charges are made on all goods stored in them
- Goods may be sold while in bond
- Uncollected goods within stipulated time may be auctioned by the government.
- Goods may be prepared for sale while in bond
- Goods can be re-exported while in bond
- Goods are guarded by customs officials
- It is used for imported or exported goods.
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