The concept of 'bonded warehousing' was first tried out at Whitefield (Bangalore). The importers could store cargo and effect partial releases thereby deferring duty payment to Customs, and at the same time releasing the international (ISO) container in which the cargo is imported.
Bonded warehousing offers a dual advantage to the importer. On the one hand, it allows the deferral to duty payment, and at the same time, allows for cargo to be stored under the relatively cheaper option of warehouse storage as opposed to holding on to an ISO container for which dollar lease rentals accrue on the importer.
There is an increasing demand for bonded warehousing in all parts of the country. CONCOR has a unique advantage in offering this service. Its warehouses are located in close proximity to the sidings/ICDs where imports arrive in the first place. This makes bonding of cargo a very cost effective option, as there are practically no transfer costs involved in the movement of cargo from landing facility to a nominated bonded warehouse.
To tap into this highly lucrative segment of business, bonded warehousing facilities have already been made operational by CONCOR at its facilities at Tondiarpet (Chennai), Sanathnagar (Secundrabad), NewMulund (Mumbai), Tughlakabad (New Delhi), Sabarmati (Ahmedabad), Gwalior etc.
CONCOR also plans to convert existing facilities or create new ones in all such business centers where required.