Distinguish between the following:
Bonded Warehouse & Duty Paid Warehouses
ANSWER:
Basis of Difference
|
Bonded Warehouse
|
Duty Paid Warehouse
|
Meaning
|
It is a warehouse where imported goods for which the import duty has not been paid are stored.
|
It is a warehouse where imported goods for which the import duty has been paid are stored.
|
Location
|
It is located within the dock area.
|
It is located outside the dock area.
|
Supervision
|
Supervision is done by custom authorities.
|
Supervision is done by port authorities.
|
Delivery
|
Goods are delivered only after the payment of import duty.
|
Goods are delivered only after the payment of rent charged by the warehouse.
|
Ownership
|
It is owned by private people or dock authorities.
|
It is owned by public authorities.
|
