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Industry specific-Warehouse Central Ministry of Urban Development Warehousing (Development & Regulation) Act, 2007

The Warehousing and Regulatory Authority has made addition in the Warehousing (Development and Regulation) Registration of Warehouses Rules, 2017 for entities created under act of parliament and state legislature

12-Jul-2023 | G.S.R. 503(E)

The Warehousing and Regulatory Authority inserted in the rules of 2017 that entities under Parliament or State Legislature with a net worth not in parlance with the Seventh Schedule shall submit an indemnity bond, executed by the State Government, and a board resolution confirming the bond's furnishing, along with their registration application. It is also provided that the indemnity bond for warehousemen is equal to the sum of negative net worth and minimum net worth requirement, subject to review by the Authority. The validity of bond is six months after expiry, cancellation, rejection, surrender, or satisfaction of claims. The Authority can invoke the bond when an entity cannot meet penalties or fines or fulfill obligations under the Act. For further details refer to the document attached.

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