Waiver of Condition of Insurance in respect of warehousing

Federal Board of Revenue vide SRO 202(I)/2014 dated 18.03.2014 has made amendments in Chapter XV(Warehousing)  of the Customs Rules, 2001.

By virtue of this amendment condition of  furnishing insurance policy to obtain license for warehousing has been abolished. Previously applicant was required to provide comprehensive Insurance Policy covering risks of fire, burglary, riots, strikes etc.