Govt introduces Central Bonded Warehouse Rules

SHILLONG: The state government has decided to introduce Central Bonded Warehouse and addition of new Rule 44& Rule 4(1) of the Meghalaya Bonded Warehouses Rules.
Informing this, Chief Minster Conrad Sangma said the move will enable the government to have a central bonded warehouse that will ensure revenue collection from one source.
“Bonds will be given a minimum profit margin eligibility of 8 per cent while the overall revenue of the Excise Department and the state will jump manifold,” he said.
Al the 44 bonded warehouse in the state would then purchase products from this central warehouse and even the ad valorem tax will be paid by the central bonded warehouse. “The revenue collection will be from one source and it would reduce chances of leakages,” Conrad said.
Meanwhile, in another decision during the Cabinet meeting, the state government has decided to set up a Special Purpose Vehicle i.e, the Meghalaya Energy Efficiency Limited under Power department.
With regard to this decision, Conrad said that this is being done as one of the reforms in the power sector, which the Centre has directed all states to implement.
The Special Purpose Vehicle, Conrad said, will look into the energy efficiency of the power sector and will enable the state government to avail the additional debt ceiling given by the union government to all the states.