Central Bureau of Indirect Taxes and Customs (CBIC) has issued a Circular amending its previous Circular on centralised system of antecedent verification of applicants of licence Public Warehousing Licensing Regulations, 2016, Private Warehousing Licensing Regulations, 2016 and Special Warehousing Licensing Regulations, 2016. The present amending Circular was issued on 21st February, 2023.
The CBIC has noted that the cases of centralised system of antecedent verification are facing unreasonable delays in certain field formations. Hence, it has inserted a clause in it Circular stipulating that “…antecedent verification must be completed within 45 days from the receipt of the application.”
Furthermore, it was also observed that certain requirements of the previous Circular were not being complied with such as:
- non- capturing certain details in the application,
- annual renewal of solvency certificate
- annual renewal of risk insurance policy
- irregular storage of goods in public/ private bonded warehouses
Hence applicants are urged to ensure that every requirement is properly complied with and the concerned officer checks the same thoroughly.