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Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
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Circular No. 24/2016 -Customs
New Delhi, the 2nd June 2016
To,
All Principal Chief Commissioners Customs,
All Principal Chief Commissioners of Customs & Central Excise,
All Chief Commissioners of Customs,
All Chief Commissioners of Customs & Central Excise,
All Directors General, Chief Departmental Representative,
All Principal Commissioners of Customs,
All Principal Commissioners of Customs & Central Excise,
All Commissioners of Customs,
All Commissioners of Customs & Central Excise.
Sub: Requirement of Solvency Certificate for the
purposes of Private Warehouse Licensing Regulations 2016
Regulation 3 (1) (c) of the Private Warehouse Licensing Regulations, 2016
requires an applicant to furnish a solvency certificate from a scheduled bank
for an amount to be specified by the Principal Commissioner / Commissioner of
Customs.
2. While making an application for licensing of a private bonded warehouse,
an applicant (importer) shall be required to indicate the maximum amount of
duty involved on the goods proposed to be stored in the private bonded warehouse
at any point of time.
3. The Board has decided that for the purposes of uniformity, the Principal
Commissioners / Commissioners of Customs shall require that the importer furnish
a solvency certificate from a scheduled bank equivalent to the aforesaid amount
of duty involved.
4. However, where the applicant is the Central Government, State Government
or a Union Territory administration or their undertakings, there will be no need
to obtain any solvency certificates.
4.1 In the case of EoUs / EHTP / STPI units, there will be no need to obtain
any solvency certificate, as the conditions regarding furnishing of bank
guarantee/security are specified in chapter 6 of the Foreign Trade Policy.
4.2 As regards, AEOs / ACPs, the circulars issued in their regard shall
govern the amount of solvency required to be furnished by the importer.
5. Difficulties, if any, may be brought to the notice of the Board.
6. Hindi version follows
(Temsunaro Jamir)
Under Secretary to the Govt. of India
F. No. 484/03/2015–LC (Vol II)
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