TMI BlogExtension of Warehousing Period of Capital Goods imported by EOU/EHTP/STP-RegdX X X X Extracts X X X X X X X X Extracts X X X X ..... t: Extension of Warehousing Period of Capital Goods imported by EOU/EHTP/STP-Regd I am directed to draw your attention to sub-section 1(a) of section 61 of the Customs Act, 1962, wherein it has been provided that capital goods intended for use in the EOU can be kept in the warehouse for a period of 5 years. Extension of such warehousing period may be given by the Commissioner of Customs un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on from export production and the units are always busy in preparation of obtaining timely extension of warehousing to avoid action under law for delay. 3. As you are aware that the EOU/ EHTP/STP units are required to obtain private bonded warehousing licence u/s 58 of the Customs Act. The said licence is valid for a period of 5 years and the units are required to apply for renewal after ever ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l due for renewal after initial 5 years period on 1.1.2004. In this case, (i) Assume a C.G has been warehoused on 1-1-2002. Hence, its extension of warehousing falls due on 1-1-2007 (ii) The warehousing license under section 58 becomes due for renewal on 1-1-2004, and the same would be renewed for further five year period i.e upto 1-1-2009 (iii) E ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may be asked to justify the reason for not utilizing the goods. 5. Nothing contained in this circular would apply in case of raw materials imported/ procured by EOU/EHTP/STP units. 6. The difficulty, if any faced in implementation of this circular of the Board , the same may be brought to the notice of the Board immediately. 7. Wide publicity of this instruction may please be given b ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
