Question

What do you mean by Bonded Warehouse?

Answer 1

A bonded warehouse is a licensed warehouse located near a port. It is either owned by the Government or works under the supervision and control of the Government. It is called a bonded warehouse because the goods deposited with it are held in a bond. When an importer does not wish to pay the custom duty and withdraws the imported goods from the dockyard immediately, he is allowed to keep the goods in a bonded warehouse.