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Here are the details about the registration requirements for the warehouse process and depositor details as well a few obligations for the business are listed down those are about the negotiable details. \u2022maintain effective control of the warehouse. (b) Know your depositor requirements. –<\/strong> Here are the details about the registration requirements for the warehouse process and depositor details as well a few obligations for the business are listed down those are about the negotiable details. Performance Requirements for a Registered Warehouses (a) Compliance with registration requirements. – A warehouseman shall always: \u2022maintain effective control of the warehouse. \u2022continue […]<\/p>\n","protected":false},"author":1,"featured_media":536,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[394,88,387,388,166,165,389,227,380,381],"yoast_head":"\n
\nPerformance Requirements for a Registered Warehouses<\/strong>
\n(a) Compliance with registration requirements. – A warehouseman shall always:<\/strong><\/p>\n
\n\u2022continue to be a fit and proper person as per the criteria as
\n\u2022stated in registration rules.
\n\u2022comply with the insurance requirements as stated in registration rules.
\n\u2022maintain the prescribed minimum net worth.
\n\u2022keep updated security deposit at the prescribed interval.
\n\u2022maintain the infrastructure to keep it compliant with the
\n\u2022minimum infrastructure requirements; and
\n\u2022comply with its standard operating procedure in accordance with registration rules.<\/p>\n
\nThe warehouseman shall maintain the know your depositor (KYD) details with respect to various depositors as specified under the registration rules.
\n(c) General obligations of a warehouseman. –<\/strong>
\nIn the conduct of its warehousing business, a warehouseman shall
\ni. Issue an (electronic) negotiable warehouse receipt only in respect of such goods that have been specified by the Authority from time to time.
\nii. Deliver the goods referred to in an (electronic) negotiable warehouse receipt, to the holder of the (electronic) negotiable warehouse receipt on demand made by the holder after satisfying the warehousing lien.
\niii. Ensure that the (electronic) negotiable warehouse receipt holder, on receiving the goods from the warehouseman, acknowledges the receipt of the goods in a form and manner required by the Authority.
\niv. Take necessary actions to maintain the quality and quantity of goods stored in the warehouse.
\nv. Maintain and record a complete and accurate set of records and accounts of all transactions pertaining to the operation of a registered warehouse as per the requirements that the Authority may specify from time to time.
\nvi. Ensure that the physical inventory tallies exactly with the record.
\nvii. Maintain effective control of all registered warehouse storage space.
\nviii. Provide necessary assistance in the execution of inspections and audits by the Authority.
\nix. Resolve grievances efficaciously.
\nx. Does not differentiate among depositors regarding use of and access to a warehouse.
\nxi. Not store goods belonging to itself in a registered warehouse; and
\nxii. Not sell, remove, or dispose of the goods deposited in a registered warehouse except as permitted under the Act.
\n(d) Information contained in warehouses receipts. –<\/strong>
\nA warehouseman must ensure that all warehouse receipts issued by it, negotiable or otherwise, comply with the requirements of section 11 of the Act and the rules, regulations, and notifications made thereunder.
\n(e) Mandatory registration with e-negotiable warehouses receipt repository. –<\/strong>
\ni. With effect from June 1, 2019, no warehouseman shall issue any negotiable warehouse receipt in physical form and shall register with one or more repositories registered with the Authority for issuing negotiable warehouse receipts in electronic form.
\n(f) Disclosure of information. –<\/strong>
\ni. A warehouseman shall make written disclosure to the Authority of any of the following events, namely: –
\n\u2022any change in the key managerial persons of the warehouseman, within fifteen days of such change.
\n\u2022any change in the ownership or capital structure of the warehouseman, within fifteen days of such change.
\n\u2022any change in the net worth of the warehouseman, on a quarterly basis.
\n\u2022the occurrence of any of the events stated in sub-rule (2) of rule 17, within fifteen days of such event.
\n\u2022the initiation of a dispute in relation to the goods deposited in a warehouse or the (electronic) negotiable warehouse receipt issued in relation to the deposited goods, immediately upon the initiation of the dispute; and
\n\u2022any change in location or capacity of the warehouses managed by the warehouseman, whether registered with the Authority or not, immediately on the occurrence of such change.
\nii. The Authority may, by order, require the warehouseman to make any additional disclosures and stipulate the form and way disclosure is required to be made.
\n(g) Submission of information regarding warehouses receipts. –<\/strong>
\ni. A warehouseman shall submit monthly reports to the Authority in such form and manner, including in electronic form, as may be specified by the Authority on this behalf.
\nii. The monthly reports to be submitted under this rule shall contain the following details of warehouse receipts in respect of the preceding month, namely: \u2013
\n\u2022the total number of warehouse receipts (negotiable and non-negotiable) issued, redeemed, or canceled.
\n\u2022the commodity wise stock position of all goods against which the warehouseman has issued warehouse receipts (negotiable and non-negotiable);
\n\u2022the aggregate market value of all goods against which the warehouseman has issued warehouse receipts (negotiable and non-negotiable) as on the last day of the preceding month; and
\n\u2022the (electronic) negotiable warehouse receipts pledged with banks and financial institutions.
\niii. The Authority may require additional information regarding the (electronic) negotiable warehouse receipts issued by the warehouseman, or the goods stored by the warehouseman in registered warehouses.
\nHow do enrich services will help you to register a warehouse?<\/strong>
\nEnrich services provide end-to-end step Solutions for the warehouse processes to get registered under the Warehousing Development & Regulatory Authority<\/a><\/span> (WDRA) from time to time. Our Services are open 365 days with highly trained customer care executives for offering you the most Viable solutions to your organization. We shall be pleased to reply and comply with any of your queries. Please feel free to contact us and avail of our highly affordable services<\/p>\n","protected":false},"excerpt":{"rendered":"