Q.Write a short note on: Bonded Warehouse

A bonded warehouse is a customs-licensed warehouse, generally near a port, where imported goods are stored under customs control until the importer pays the import duty; the goods can be cleared in full or in part as and when the duty is paid. ## Bonded Warehouse A bonded warehouse is a warehouse licensed by the government/customs authorities and situated near ports or docks, used to store imported goods on which customs duty has not yet been paid. The goods remain under the 'bond' or control of the customs department and cannot be taken out until the importer clears the applicable import duty. This facility helps an importer who cannot pay the whole duty at once, since he can store the goods and withdraw them in lots after paying the duty on each lot. Such warehouses also allow operations like grading, blending, packing and labelling under supervision. …