Sections 57 to 73A of CA 62 deal with warehousing of imported goods. Section 58 deals with licensing private bonded warehouses where imported goods belonging to the licensee may be deposited without payment of any Customs duties. Section 68 of CA 62 mandates payment of the duties when the imported goods are removed from the warehouse in the domestic tariff area (DTA). Thus, the bonded warehouse scheme is essentially a duty deferment scheme.
Section 65 of CA 62 deals with carrying on any manufacturing process or other operations in a warehouse in relation to such goods. The Central Board of Indirect Taxes and Customs (CBIC) has prescribed the 'Manufacture and Other Operations in Warehouse (no.2) Regulations, 2019' (MOOWR) providing for eligibility conditions for grant of license, bond execution, movement of goods etc. Many manufacturing units, including some power generating entities have obtained licenses under MOOWR.
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Global hunger crisis deepens as major nations skimp on aid
It's a simple but brutal equation: The number of people going hungry or otherwise struggling around the world is rising, while the amount of money the world's wealthiest nations are contributing toward helping them is dropping.
Statesman who shaped India with his vision and resolve
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Bhaker accepts 'lapse' on her part amid Khel Ratna row
Paris Olympics' double bronze-medallist Manu Bhaker on Tuesday admitted that \"there has been a lapse maybe on my part\" while filing nominations for this year's National Sports Awards amid a raging controversy over her exclusion from the list of Dhyan Chand Khel Ratna awardees.
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In a series of recent pieces, we have been arguing that the just-ended Reserve Bank of India (RBI) regime made a radical change in exchange rate policy, which reduced export competitiveness and rendered monetary policy inappropriate for a slowing economy.
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BCs meet Irdai, seek consent to sell insurance products
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Credit card spend falls 16% in Nov after festival high
Decline due to moderation in consumer spending; issuances come down
Caramelised popcorn in theatres may stay in 5% slab
Single rate on sale of all old, used vehicles, including EVs
Indo Farm Equipment listing to open for subscription on Dec 31
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