Question

Differentiate between a goverment warehouse and a bonded warehouse?

Answer 1

The government warehouses are owned, managed and governed by Central or State government. They can be used by both private companies and government agencies for storage of goods. They are therefore also considered a form of public warehouses owned by government. Government warehouses provide better security and safety of goods as there is direct involvement of government. They are least expensive but require considerable paper work to be done.

A bonded warehouse, or bond, is a building or other secured area in which dutiable goods may be stored, manipulated, or undergo manufacturing operations without payment of duty. It may be managed by the state or by private enterprise. In the latter case a customs bond must be posted with the government. This system exists in all developed countries of the world.

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