{"id":52191,"date":"2016-06-20T15:28:43","date_gmt":"2016-06-20T09:58:43","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=52191"},"modified":"2016-06-28T17:49:29","modified_gmt":"2016-06-28T12:19:29","slug":"six-different-regulations-notified-to-operationalise-complete-overhaul-of-the-customs-bonding-regime","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2016\/06\/20\/six-different-regulations-notified-to-operationalise-complete-overhaul-of-the-customs-bonding-regime\/","title":{"rendered":"Six different Regulations notified to operationalise statutory changes in customs bonding regime"},"content":{"rendered":"<p style=\"text-align: justify;\">The Finance Act, 2016 has introduced a complete overhaul of the customs bonding regime. To operationalise the statutory changes, the Central Government has notified six different regulations all dated 14 May, 2016. The important features are:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Special Warehouses<\/li>\n<\/ul>\n<ol style=\"text-align: justify;\">\n<li>Certain categories of goods only allowed to be stored i.e. (i) precious metals, (ii) goods meant for supply to Duty free shops\/Stores for vessels or aircrafts \/Foreign Privileged Persons.<\/li>\n<li>Regulations governing licensing, custody and handling have been notified under (i) Special Warehousing Licensing Regulations, 2016 and (ii) The Special Warehouse (Custody and Handling of Goods) Regulations, 2016.<\/li>\n<\/ol>\n<ul style=\"text-align: justify;\">\n<li>Private Warehouse and Public Warehouse<\/li>\n<\/ul>\n<ol>\n<li style=\"text-align: justify;\">The Private Warehouse Licensing Regulations, 2016 and the Public Warehouse Licensing Regulations, 2016 notified for licensing which also contain conditions and compliances to be met by the applicant for a private and public warehouse. The conditions and compliances to be fulfilled by a private or public warehouse are substantially similar to that of special warehouses.<\/li>\n<li style=\"text-align: justify;\">Unlike special warehouses, no physical control over the private or public bonded warehouse by the customs authorities. This reduces interfacing by the warehouse operator with customs authorities and grants more flexibility.<\/li>\n<li style=\"text-align: justify;\">Existing private and public warehouses licensed under the erstwhile regime are required to compulsorily meet the requirements under these new regulations within a period of three months.<\/li>\n<li style=\"text-align: justify;\">The Warehouse (Customs and Handling of Goods) Regulations, 2016 have been notified for handling and custody of goods. It provides that the warehouse operator is to intimate custom authorities upon receipt\/transfer of goods. Removal of goods from the private\/ public warehouse, however can only be done with the prior permission of the custom authorities.<\/li>\n<li style=\"text-align: justify;\">The warehouse operator is required to \u00a0maintain records and file monthly returns on receipt\/storage\/operations and removal with the custom authorities.<\/li>\n<\/ol>\n<ul>\n<li>Further to the above, in cases of transfer of goods from one warehouse to another (either special\/private\/public warehouse) from a warehouse to customs station for export purposes, the provision of the Warehoused Goods (Removal) Regulations, 2016 are also additionally to be complied with.<\/li>\n<\/ul>\n<p><strong>Note by Khaitan &amp; Co, Advocates since 1911. For more information contact <\/strong><a href=\"mailto:editors@khaitanco.com\"><strong>editors@khaitanco.com<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Finance Act, 2016 has introduced a complete overhaul of the customs bonding regime. To operationalise the statutory changes, the Central Government <\/p>\n","protected":false},"author":3,"featured_media":46271,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-52191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Six different Regulations notified to operationalise statutory changes in customs bonding regime | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2016\/06\/20\/six-different-regulations-notified-to-operationalise-complete-overhaul-of-the-customs-bonding-regime\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Six different Regulations notified to operationalise statutory changes in customs bonding regime\" \/>\n<meta property=\"og:description\" content=\"The Finance Act, 2016 has introduced a complete overhaul of the customs bonding regime. 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The CBIC has amended the Customs Brokers Licensing Regulations, 2018 in the following manner: \u00a0 Insertion of Regulation 8A, Surrender of License: A Licensee may surrender the license\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/Central-Board-of-Indirect-Taxes.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/Central-Board-of-Indirect-Taxes.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/Central-Board-of-Indirect-Taxes.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/Central-Board-of-Indirect-Taxes.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/Central-Board-of-Indirect-Taxes.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":374769,"url":"https:\/\/www.scconline.com\/blog\/post\/2026\/02\/05\/customs-baggage-regulations-2026-key-rules\/","url_meta":{"origin":52191,"position":2},"title":"Customs Baggage (Declaration and Processing) Regulations 2026: Key Rules Explained","author":"Kriti","date":"February 5, 2026","format":false,"excerpt":"The new rules streamline procedures for declaring accompanied and unaccompanied baggage, temporary import or re-import of personal items, baggage examination, transit between customs stations, and custody or disposal of detained goods.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Customs Baggage Regulations 2026","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/02\/Customs-Baggage-Regulations-2026.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/02\/Customs-Baggage-Regulations-2026.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/02\/Customs-Baggage-Regulations-2026.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/02\/Customs-Baggage-Regulations-2026.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":214080,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/04\/29\/securities-and-exchange-board-of-india-mutual-funds-amendment-regulations-2019-notified\/","url_meta":{"origin":52191,"position":3},"title":"Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2019 &#8212; Notified","author":"Bhumika Indulia","date":"April 29, 2019","format":false,"excerpt":"No. SEBI\/LAD-NRO\/GN\/2019\/011\u2014 In exercise of the powers conferred by Section 30 read with clause (c) of sub-section (2) of Section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":57611,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/07\/21\/exchange-rate-of-foreign-currency-relating-to-imported-and-export-goods-notified\/","url_meta":{"origin":52191,"position":4},"title":"Exchange Rate of Foreign Currency relating to Imported and Exported Goods, notified","author":"Sucheta","date":"July 21, 2016","format":false,"excerpt":"The Central Board of Excise and Customs in exercise of the powers conferred by section 14 of the Customs Act, 1962 and in supersession of the notification of the Central Board of Excise and Customs No.96\/2016-CUSTOMS (N.T.), dated 06th July, 2016, except as respects things done or omitted to be\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/07\/exchange-rates.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/07\/exchange-rates.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/07\/exchange-rates.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/07\/exchange-rates.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/07\/exchange-rates.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":269177,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/28\/single-jurisdiction-single-membership-rule-applied-to-customs-brokers-vide-customs-brokers-licensing-amendment-regulations-2022\/","url_meta":{"origin":52191,"position":5},"title":"Single jurisdiction single membership rule applied to Customs Brokers vide Customs Brokers Licensing (Amendment) Regulations, 2022","author":"Editor","date":"June 28, 2022","format":false,"excerpt":"On 24th June, 2022, Central Board of Indirect Taxes and Customs (CBIC) notified Customs Brokers Licensing (Amendment) Regulations, 2022. 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