Question

In bounded warehouse, imported goods on which custom duties is already paid are stocked.

Write True or False.
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Answer 1

Answer:

true

Explanation:

The facility of warehousing of imported goods in Customs Bonded Warehouses, without payment of Customs duty otherwise leviable on import, is permitted under the Customs Act, 1962.

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Answer 2

False

A bonded warehouse is a storage facility for imported commodities for which no duty has been paid. They can be found in the dock area. The majority of the imported items kept here are re-exported. The operation of these warehouses is strictly monitored by the customs department.

The duty-paid warehouse stores imported products for which the duty has already been paid. They are positioned outside of the dock area of a port town. The imported products kept here are primarily for domestic consumption.