Bonded warehouses may face 24-hour discrepancy reporting, five-year digital records under proposed customs overhaul

The government is considering tighter compliance rules for bonded warehouses, including a 24-hour deadline to electronically report shortages or discrepancies and mandatory digital records tracking goods from receipt to clearance, transfer or export. The proposed framework also envisages five-year record retention, monthly reporting and insurance against potential customs duty liabilities.