Licensing of private warehouse.

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..... (a) is a citizen of India or is an entity incorporated or registered under any law for the time being in force; (b) submits an undertaking to comply with such terms and conditions as may be specified by the Principal Commissioner of Customs or Commissioner of Customs, as the case may be; (c) furnishes a solvency certificate from a scheduled bank for an amount to be specified by the Pri .....

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..... (e) the Principal Commissioner of Customs or the Commissioner of Customs, as the case may be, is satisfied that- (i) the site or building of the proposed private warehouse is not suitable for secure storage of dutiable goods; (ii) the site or building of the proposed private warehouse is not suitable for general supervision by officers of customs; (iii) bankruptcy proceedings are pending .....

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