Page 104 - ELT_1st September 2020_Vol 373_Part 5

N98 EXCISE LAW TIMES [ Vol. 373

(2) All activities prescribed in these regulations need to be recorded
immediately and the data prescribed in the Form shall also be stored electronical-
ly. Such electronic as well as manual records should be kept updated, accurate
and complete and shall be available at the warehouse at all times and accessible
to the bond officer or any other authorised officer for verification.
(3) The software for maintenance of electronic records must incorporate
the feature of audit trail which means a secure, computer generated, time-
stamped electronic record that allows for reconstruction of the course of events
relating to the creation, modification or deletion of an electronic record and in-
cludes actions at the record or system level, such as, attempts to access the sys-
tem or delete or modify a record.
(4) The records and accounts required to be maintained under sub-
regulation (1) shall be kept updated and accurate and preserved for a minimum
period of five years from the date of removal of goods from the warehouse and
shall be made available for inspection by the bond officer or any other officer
authorised under the Act.
(5) A licensee shall also preserve updated digital copies of the records
specified under sub-regulation (1) at a place other than the warehouse to prevent
loss of records due to natural calamities, fire, theft, skilful pilferage or computer
malfunction.
(6) A licensee shall file with the bond officer a monthly return of the re-
ceipt, storage, operations and removal of the goods in the warehouse, within ten
days after the close of the month to which such return relates.
19. Audit. - The proper officer may conduct audit of a unit operating
under section 65 of the Act in accordance with the provisions of the Act and the
rules made thereunder.
20. Penalty. - If a person contravenes any of the provisions of these
regulations, or abets such contravention or fails to comply with any of the provi-
sion of these regulations, he shall be liable to penalty in accordance with the pro-
visions of the Act.
21. Power to exempt. - The Board, having regard to the nature of the
goods, their manner of transport or storage, may exempt a class of goods from
any of the provisions of these regulations.
FORM (for section 58A licensed warehouse)
[See clause (d) of sub-regulation (1) of regulation 2]
Part A
(to be filled at the dispatch warehouse)

Import Details of Goods
details warehousing
Bill of Entry Warehouse Bond No. Descrip- Descrip- Marks and Weight Value.
No. and date code and and date. tion of tion and numbers and
(if applicable). address. goods. No. of on pack- quanti-
packages. ages. ty.
(1) (2) (3) (4) (5) (6) (7) (8)

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