Monday, October 14, 2019

What is SEZ? Special Economic Zone

What is SEZ? Special Economic Zone

You have heard a lot about SEZ, Right? Let us know everything about what is SEZ? full form of s e z and SEZ full form and meaning.

Full form of s e z: Special Economic Zone

What is SEZ?

SEZ (Special Economic Zone) where the government has imposed different laws for trade and business. Because of this kind of zone, businessmen & traders can do the business without any hassle also they treated as special. As well as this kind of zone produced good turnover, the balance of trade, employment, increase export and many more and that is ultimately beneficial to GDP.

What is Customs Bonded Warehouse?

Customs Bonded Warehouse or capacity alludes to the holding and protection of products until they are dispatched to the shoppers. By and large, there is a period hole between the creation and utilization of items. By spanning this hole, stockpiling makes time utility.

Let us have some more SEZ statics

55 SEZs are present in Gujarat covering an area of 27.125 hectares.

Gujarat which has 3 operational sectors covering 506 hectares:

• Kandla SEZ

• SUR SEZ

• Surat Apparel Park

• 7 proposed and operational SEZs covering an area of 9.810 hectares

• 15 Notified SEZs are present to cover 6,114 hectares

• SEZ approved in Gujarat covering 22 formal 7.702 hectare area

• Approved to cover an area of 8 theoretical 2,993 hectares

• This SEZ is involved in several fields such as biotechnology, power, handicraft/craftsman, gems & jewelry, and port based multiproduct.

Sectorwise SEZ in Gujarat

IT / ITES (15)

• Electronic SEZ (GIDC), Million Minds SEZ (Ganesh), Shivganga Real Estate Holders, City Gold Realtors Pvt. Ltd., Adani Township & Real Estate Company Pvt. Ltd., 3G Eye Voice SEZ (Kalika), Nipiam Infotech Pvt. Ltd., DLF SEZ, Tata SEZ, IT / ITES SEZ (GIDC), Aqualine Properties SEZ (Raheja), SGV Infrastructure, L&T Ltd., Strength Real Estate (Raheja), Gaurinandan Property Holder

Multi-product (10)

• Kandla SEZ, SUR SEZ, Dahej SEZ, Reliance SEZ Dholera SEZ (Adani), Essar SEZ, Sterling SEZ, Mundra Port & SEZ Ltd (SEZ-1), Indian Infrastructure Corporation Limited Mundra Port & SEZ Ltd (SEZ-2)

Engineering (9)

• Gallopse SEZ (NG Realty), Essar Hazira SEZ, Suzlon SEZ, Dishman SEZ, Ruchi Flat Steel SEZ, PSL Ltd., Welspun Anjar (SEZ-1), E-Complex Private Limited, Welspun Anjar (SEZ-2)

Other (8)

• Biotech Savvy SEZ (GDIC), Adani Power SEZ, James & Jewelry SEZ, Ceramic SEZ, LMJ Warehousing Pvt. Ltd. (FTZW), Development Bank of Gujarat Finance City (Gift) Company Limited, GGDCL Crafts & Craftsman (GIDC), Non-Traditional Energy

Textiles & Apparels (4)

• Surat Apparel Park SEZ, Ahmedabad Apparel Park SEZ, Pradeep Overseas Ltd., Jindal Worldwide Limited

Chemical (4)

• Asia Pacific Corporation Ltd. Jayant SEZ, Jubilant Chemical SEZ Gujarat Hydrocarbon & Energy SEZ Ltd.,

Pharmaceuticals (4)

• Pharma (Zydus), Phaez (CPI) Direct Pharma SEZ, J.B. SEZ

Port-based (1)

• Kandla Port Trust SEZ

Gujarat has a variety of SEZs

Multi-product SEZs like Gujarat Kandla, Surat, Reliance, Dahej, Sterling and Adani SEZ; Gift City has a diverse array of multi-services SEZs and highly specialized sector-oriented SEZs for pharmaceuticals, chemicals, engineering goods, and services, etc., with the status of the International Financial Services Center (IFSC).

State SEZs will be developed as smart and green SEZs

A plan has been taken to develop SEZs in Gujarat as smart and green SEZs. Kandla SEZ will test the potential of installing a Suez treatment plan with ultra-filtration, with the installation of a solar power grid in the zone to create a complete zone in the green zone, municipal solid waste and facilitate complete treatment of Suez within the zone. Maintenance zones will be created in the zone by inviting competent companies to bring competitiveness to house management/user charges.

What Is the Customs Warehouse In Logistics Management?

Dutyfreehouses October 14, 2019 Customs Bonded Warehouse , dutyfreewarehouses 0 Comments

What Is the Customs Warehouse In Logistics Management?

When talking about logistics management, International trade must be taken into account, specifically foreign-directed trade. That is why an important part of the trade is knowing a customs warehouse, which are different models of enclosures that are controlled by customs and that allow operations to be imported and exported under optimal conditions during their execution.

These customs warehouses are located in the national territory, authorized by the administration and under the control of customs. They allow the storage of goods with the possibility of subjecting them to certain authorized operations and benefit from a series of benefits such as exemption from import taxes such as tariffs or VAT, among others; being able to take advantage of them any merchandise not legally restricted, or technically due to the limitations of the deposits, whether they come from a third country, community or even national.

The different types of customs warehouses that exist

A customs deposit is public when the warehouse can be used by anyone, or private if they are reserved for the exclusive use of the holder. One of the most prominent reasons for the use of these warehouses is mainly of a financial type since, while the goods are in them they are tax-free, offering complimentary special services or maintaining a larger the stock of the product and at the same time avoiding high costs of infrastructure and administrative that entails.

There are different types of customs bonded warehouse:

· The temporary storage warehouse (ADT) is an enclosure where the stored goods can remain for a maximum period of 45 days for shipments from maritime traffic and 20 days for other traffic.

· The public customs warehouse (DAP) is an enclosure where goods can be without time limitation until they are cleared.

· The non-customs warehouse (DDA) is a fiscal warehouse that allows operations to purchase goods from importing or distributing companies without having to pay VAT at the time of purchase, avoiding the payment of the same during their stay in the warehouse.

· And finally, the tax deposit is an enclosure that is duly authorized and authorized, where products subject to excise duties such as hydrocarbons, alcoholic beverages, and tobacco can be stored and, where appropriate, converted into a suspensive regime.

The customs deposit is a highly profitable tool in actions aimed at international trade of intermediation. But, in recent years and due to the economic crisis, many companies have chosen to outsource this type of service since, in this way they convert fixed costs into variables.

Wednesday, September 25, 2019

Private Customs Bonded Warehouse Licensing Regulations, 2016

Dutyfreehouses September 25, 2019 bonded warehouse india , custom bonded warehouse india 0 Comments

Private Customs Bonded Warehouse Licensing Regulations, 2016

Notification No. 71 /2016- Customs (N.T.) dated 14th May 2016

In exercise of the powers conferred by section 157 read with section 58 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following regulations, namely:-

1. Short title and commencement.–(1) These regulations may be called the Private Warehouse (customs bonded warehouse) Licensing Regulations, 2016.

(2)They shall come into force on the date of their publication in the Official Gazette.

2. Definitions. – (1) In these regulations, unless the context otherwise requires, -

(a) “Act” means the Customs Act,1962 (52 of 1962);

(b) “applicant” means a person who applies for a license for a private warehouse under section 58;

(c) “private warehouse” means a site or building that is licensed as such by the Principal Commissioner of Customs or Commissioner of Customs, as the case may be, under section 58 wherein dutiable goods imported by or on behalf of the licensee may be deposited;

(d) “section” means section of the Act.

(2) The words and expressions used herein and not defined in these regulations but defined in the Act shall have the same meanings respectively as assigned to them in the said Act.

3. Licensing of private warehouse.- (1) Upon an application being made to license a private warehouse, the Principal Commissioner of Customs or Commissioner of Customs, as the case may be, may issue a license to the applicant who, –

(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 Principal Commissioner of Customs or Commissioner of Customs, as the case may be:

Provided that the condition of furnishing a solvency certificate shall not be applicable to an undertaking of the Central Government or State Government or Union territory.

(2) The Principal Commissioner of Customs or the Commissioner of Customs, as the case maybe, shall not issue a license to an applicant if, -

(a) he has been declared an insolvent or bankrupt by a Court or Tribunal;

(b) he has been convicted for an offence under any law for the time being in force;

(c) he has been penalized for an offense under the Act, the Central Excise Act, 1944 (1 of 1944) or Chapter V of the Finance Act, 1994 (32 of 1994);

(d) he is of unsound mind and stands so declared by a competent Court; or

(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 against the applicant; or

(iv) criminal proceedings are pending against the applicant and the offenses involved are of such nature that he is not a fit person for grant of license.

4. Conditions to be fulfilled by the applicant. – Where, after inspection of the premises, evaluation of compliance to the conditions under regulation 3 and conducting such inquiries as may be necessary, the Principal Commissioner of Customs or Commissioner of Customs, as the case may be, is satisfied that the licence may be granted, he shall require the applicant to,-

(a) provide an all-risk insurance policy, that includes natural calamities, riots, fire, theft, skillful pilferage, and commercial crime, in favor of the President of India, for a sum equivalent to the amount of duty involved on the dutiable goods proposed to be stored in the private warehouse at any point in time;

(b) provide an undertaking binding himself to pay any duties, interest, fines, and penalties payable in respect of warehoused goods under sub-section (3) of section 73A or under the Warehouse (Custody and Handling of Goods) Regulations, 2016;

(c) provide an undertaking indemnifying the Principal Commissioner of Customs or Commissioner of Customs, as the case may be, from any liability arising on account of loss suffered in respect of warehoused goods due to accident, damage, deterioration, destruction or any other unnatural cause during their receipt, delivery, storage, despatch or handling; and

(d) appoint a person who has sufficient experience in warehousing operations and

customs procedures as a warehouse keeper.

5. Grant of licence.- Upon fulfillment of the conditions specified in the regulation 3 and regulation 4, the Principal Commissioner of Customs or Commissioner of Customs, as the case may be, may grant a license in respect of the private warehouse subject to such conditions as deemed necessary.

6. Validity of license. – Any licence granted under regulation 5 shall remain valid until and unless it is canceled in terms of the provisions under section 58B or sub-regulation (2) of regulation 8.

7. Non–transferability of license. – A license granted under regulation 5 shall not be transferable.

8. Surrender of license. – (1) A licensee may surrender the license granted to him by making a request in writing to the Principal Commissioner of Customs or Commissioner of Customs, as the case may be.

(2) On receipt of the request under sub-regulation (1), the Principal Commissioner of Customs or Commissioner of Customs, as the case may be, may cancel the license if, –

(a) the licensee has paid all monies due to the Central The government under the provisions of the Act, rules or regulations made thereunder;

(b) no warehoused goods remain deposited in the private warehouse or are deposited in the private warehouse from the date of request referred in sub-regulation (1);and

9. License for existing private warehouses. – A private warehouse licensed under section 58 as it stood immediately before the commencement of the Finance Act 2016 (28 of 2016), shall be valid under these regulations provided such warehouse fulfills the requirements specified in clause (b) and clause (c) of sub-regulation (1) of regulation 3 and the conditions specified in regulation 4 within a period of three months from the date of commencement of these regulations.

Source: CBIC

Monday, September 23, 2019

What is the custom bonded warehouse?

Dutyfreehouses September 23, 2019 #Customs BondedWare house , CustomsBondedWarehouse 0 Comments

The Customs bonded warehouse is the place destined to the temporary custody of the goods whose administration can be performed by the customs authorities, other public agencies or natural or legal persons, meaning as such to temporary deposits and customs warehouses.

Temporary Deposits

Temporary deposits are those premises where goods pending and/or temporarily stored pending authorization by the customs authority are entered and/or stored.

Image source: pinterest

The export cargo is usually placed temporarily in a customs warehouse, pending the customs order for the release or exit of the merchandise abroad. This is done once the exporter reached an agreement with the sea or air carrier, or received the instructions of the importer when he is in charge of international transport (depending on the Incoterms rule).

On the seaway, to enter the cargo to the customs warehouse designated by the exporter or the maritime carrier (shipping company or its general agent representative), the booking and the Single Customs Declaration (DUA) are required. In the case of air transport, the air waybill is required; and in the case of land transport, the transport document.

Customs Deposits

Any type of merchandise that has not been requested for consumption accept goods that have been requested under a customs regime may be stored in customs warehouses; that are in legal or voluntary abandonment; import banned, explosives, weapons and ammunition; luggage and household items; and postal and fast delivery.

Monday, October 14, 2019