Section 8 of The Warehousing (Development and Regulation) Act, 2007 in hindi
- (1)Every warehouseman shall keep in a place of safety a complete and accurate set of records and accounts of all transactions pertaining to the operation of a warehouse including records and accounts of all goods received in the warehouse and withdrawn there from, of all un issued receipts in his possession, of all receipts issued, returned to, or cancelled, by him.
- (2)Subject to the provisions of sub-section (1), the warehouseman shall keep all the records and accounts of the warehouse business in numerical sequence separate and distinct from the records and accounts of any other business in such form and in such manner and for such period as the Authority may, by regulations, specify.
- (3)The warehouseman shall make available to the Authority for inspection the records and accounts of the warehouse business at any time as may be desired by the Authority.
Summary
- The warehouseman must keep a complete and accurate set of records and accounts for all warehouse operations in a place of safety.
- These records must track all goods received and withdrawn, as well as all unissued, issued, returned, or cancelled receipts.
- All records and accounts must be maintained in numerical sequence, separate from any other business records.
- The format, manner, and duration for keeping these records are determined by the Authority's regulations.
- The warehouseman is required to show and make these records available to the Authority for inspection at any time requested.
Practical examples
FAQ
1. Where must a warehouseman keep the records of the warehouse business?
They must be kept in a place of safety.
2. Can a warehouseman combine warehouse accounts with their personal or other business accounts?
No, the warehouseman must keep the warehouse records and accounts separate and distinct from the records and accounts of any other business.
3. How long must a warehouseman keep these records and accounts?
They must keep them for such period as the Authority specifies by regulations.
4. Who can inspect the warehouse records and when can they do so?
The Warehousing Development and Regulatory Authority can inspect them, and the warehouseman must make them available for inspection at any time the Authority desires.
Test yourself
Q1.Under Section 8 of The Warehousing (Development and Regulation) Act, 2007, if a warehouseman also runs an independent retail business in the same building, how must the records of the warehousing business be maintained?
Q2.Under Section 8 of The Warehousing (Development and Regulation) Act, 2007, what is the warehouseman's obligation if the Warehousing Development and Regulatory Authority demands to inspect the warehouse accounts without prior notice?
Q3.Under Section 8 of The Warehousing (Development and Regulation) Act, 2007, which entity has the legal authority to specify the form, manner, and period for which warehouse records and accounts must be kept?
Q4.Under Section 8 of The Warehousing (Development and Regulation) Act, 2007, what specific details regarding warehouse receipts must be captured within the warehouseman's safe records?
Q5.Under Section 8 of The Warehousing (Development and Regulation) Act, 2007, in what specific sequence must the records and accounts of the warehouse business be organized?