Stock and Sale facility for imported capital goods, spares consumables - Customs - Ref. No. 473/43/94-LC

Stock and Sale facility for imported capital goods, spares consumables Ref. No. 473/43/94-LC Dated 22-9-1994 Government of India Ministry of Finance (Department of Revenue) New Delhi Subject : Stock and sale facility for imported capital goods, spares consumables. Attention of the trade is invited to the fact that consequent upon the amendment in Section 61 of the Customs Act, 1962 all imported goods can now be warehoused for minimum period of one year. Further, the transfer of these bonded goods to another person is also permissible as per the provisions of Section 50 of the said Act. Accordingly the sale of imported warehoused goods to Duty Exemption or duty concession licence-holders is also allowed. In such cases the transferee would be in a position to clear the goods from warehouse only on payment of Custom-Duty, if any, and fulfilment of the licensing provisions.