|
FTWZ |
BONDED WAREHOUSE |
| Port Status |
"SEZ Act Sec 53(2). FTWZ
is a
Deemed Port" |
No Deemed Port status. |
| NFE |
"FTWZ Units are required
to be NFE positive under
SEZ Rule 53" |
"No NFE requirement by
Bonded Warehouses." |
| Assessment of Duty |
"Since the FTWZ is a Deemed Port the goods are NOT assessed for Duty.
A Bill of Entry for home consumption is filed with FTWZ Unit for transfer
of goods from Airport/ Seaport to FTWZ." |
"Bill of Entry for Warehousing is filed and assessed for Duty before being
permitted to move to the Bonded Warehouses." |
| Multi-Country Consolidation |
"Consolidation of goods from Multi-Country permitted as per customer’s
requirement. |
"Consolidation of goods not Permitted |
| Duty Deferment Bond |
No requirement for a double duty bond |
Additional double duty bond required |
| "Movement from Customs
Gateway" |
"Goods are transported from customs gateway to Minerva’s FTWZ via
transshipment procedure without assessment by Customs in turn
decreasing Customs process lead time" |
"Movement of goods into the bonded warehouse are subject to assessment at
Gateway Customs" |
| Value Added Services (VAS) |
Can carry out Value Added Services as provided for SEZ Rule 18 (5) |
"Value Added Services are permitted, subject to Customs permission in
advance of any such activities" |
| "Holding Goods on Account of
Foreign Supplier / Buyer" |
Permitted under SEZ Rule 18 (5) |
Not permitted |
| Restricted Goods Imports |
Permissible to enter the FTWZ. |
Goods can enter Bonded Warehouse pending Production of import license |
| Prohibited Goods Imports |
Permissible to enter the FTWZ with the Approval of the BOA |
Not Permissible |
| Period of Storage |
"SEZ Rule 37 permits the goods to be kept until the Validity of the
Unit Holder. The goods in the FTWZ are not assessed for Duty." |
"One Year, further extension allowed subject to approval from
Chief Commissioner of Customs" |
| Interest on Duty |
Interest on Duty not applicable |
Beyond 90 Days, interest is levied. |
| Exemption from SAD |
Exemption of 4% SAD against CST or VAT applicable |
SAD benefit applicable as per Customs notifications for pre-packed goods only. |
| Customs Set Up |
Dedicated customs setup available within the FTWZ 24x7x365 |
"Dedicated customs setup could be done subject to approval from Customs
office" |
| "Customs procedure for Removal
of Goods" |
"Hassle-Free procedure for removal of goods from FTWZ to DTA.
Customs processing done within the FTWZ zone." |
"All customs processing with the customs house located away from the
bonded facility" |
| Compliance of Allied Acts |
"Payment of duty and compliance of allied acts, only when the goods
move out of FTWZ into DTA" |
"Payment of duty at the time of removal of goods along with applicable interest
& upon production of applicable import license" |
| Easy of EXIM Trade |
"Hassle-Free Procedure for re-exports and re-import unlike standard
customs procedure." |
Re-imports and re-exports go through standard customs approval procedures |
| Regional Trade Hubs |
"Possibility of using this facility as a regional hub. Permits operations
of VMI model with Foreign Currency models" |
"Cannot be used as a regional hub since, no facilities are available for export of
goods and only INR transactions are permitted within a bonded warehouse." |
| Foreign Exchange |
All Payments in Free Foreign Exchange |
All payments in INR only. |
