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CA Final Customs 2 Foreign Trade Policy — practice questions — page 2

Explore 59 free Customs 2 Foreign Trade Policy questions in CA Final Indirecttaxlaws. Open each question or exercise to read its content, reference answers and available explanation.

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Customs 2 Foreign Trade Policy questions and exercises with answers

Showing questions 31–59 of 59.

Who specifies, by notification, the goods to be kept in a special warehouse?Read the answer and worked solution →Before cancelling a warehouse licence, the licensee must be given what?Read the answer and worked solution →If warehoused goods move to another warehouse, what happens to the section 59 bond?Read the answer and worked solution →Ordinary warehoused goods may stay one year from the proper officer's order under which section?Read the answer and worked solution →Interest on warehoused goods under section 61(2) starts after how many days?Read the answer and worked solution →Which action may an owner take with warehoused goods under section 64?Read the answer and worked solution →Manufacture inside a bonded warehouse needs the permission of whom?Read the answer and worked solution →If warehouse-made goods are exported, duty on their waste is remitted if the waste is what?Read the answer and worked solution →Moving warehoused goods from one warehouse to another needs permission of whom?Read the answer and worked solution →Which bill is presented to clear warehoused goods for home use?Read the answer and worked solution →When may an owner NOT relinquish title to warehoused goods?Read the answer and worked solution →Warehoused goods exported under section 69 go out without paying which duty?Read the answer and worked solution →Section 69(2) restricts duty-free export of warehoused goods likely to be what?Read the answer and worked solution →Duty on warehoused volatile goods is remitted for a deficiency from which cause?Read the answer and worked solution →Warehoused goods may leave a warehouse only for home use, export or what?Read the answer and worked solution →If goods are improperly removed from a warehouse, the proper officer may demand what?Read the answer and worked solution →If an owner fails to pay the section 72 demand, the officer may do what to his goods?Read the answer and worked solution →When is a warehousing bond cancelled under section 73?Read the answer and worked solution →Under section 74, goods must be entered for export within how long of paying import duty?Read the answer and worked solution →Who fixes the drawback rate for imported goods that were used before re-export?Read the answer and worked solution →A key condition of section 74 drawback is that the exported goods are identified as what?Read the answer and worked solution →Section 75 drawback relates to duty on imported materials used in making which goods?Read the answer and worked solution →Interest on delayed drawback is payable if unpaid beyond what period from filing the claim?Read the answer and worked solution →Erroneously paid drawback must be repaid with interest within how long of demand?Read the answer and worked solution →Under section 76(1)(b), drawback is barred if the market price is less than what?Read the answer and worked solution →Goods meant for transhipment abroad may move under section 54(2) without paying what?Read the answer and worked solution →What is presented to the proper officer for transhipment under section 54(1)?Read the answer and worked solution →Goods transhipped to another Indian customs station become liable to duty when?Read the answer and worked solution →Under section 56, goods may be moved between parts of India through what?Read the answer and worked solution →

Worked practice questions

Who specifies, by notification, the goods to be kept in a special warehouse?

  1. The port trust
  2. The licensee
  3. The Board
  4. The importer
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Correct answer: C. The Board

Section 58A(2) lets the Board specify by notification the class of goods deposited in such warehouses.

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Before cancelling a warehouse licence, the licensee must be given what?

  1. A transfer order
  2. A cash bonus
  3. A fresh bond
  4. A fair hearing
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Correct answer: D. A fair hearing

The proviso to section 58B(1) requires a reasonable opportunity of being heard before cancellation.

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If warehoused goods move to another warehouse, what happens to the section 59 bond?

  1. A new bond is required
  2. It continues in force
  3. It lapses at once
  4. It lasts one month only
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Correct answer: B. It continues in force

Section 59(4) keeps the bond in force notwithstanding transfer of the goods to another warehouse.

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