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FinMin should remove irritants in in-bond manufacture scheme

The finance ministry deserves appreciation for trusting manufacturers. But there are still some issues regarding the in-bond manufacture provisions, which need due attention

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TNC Rajagopalan
The Finance Ministry has notified new regulations easing the disciplines for manufacture of sensitive goods like articles of gold, silver, and other precious metals in bonded warehouses. With few more changes, in-bond manufacture can become the favoured option for the exporters. 

The scheme of bonded warehouses to enable deferment of duties is not new. Even the Sea Customs Act, 1878, contained Chapter XI allowing deposit of imported goods in bonded warehouse without payment of duties till their clearance for exports or home consumption later. Sections 57 to 73A of the present Customs Act, 1962 contains similar provisions. Section 65 of the
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First Published: Aug 24 2020 | 12:13 AM IST

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