Customs Act, 1962 — Chapter IVB: Prevention or Detection of Illegal Export of Goods
11L. Persons possessing specified goods to maintain accounts
- Every person who, on or after the specified date, owns, possesses or controls, within a specified area, specified goods of market price exceeding fifteen thousand rupees shall maintain a true and complete account of such goods, entering each acquisition or parting-with along with counterparty particulars, and keep the account, with the goods, at the place of storage. Proviso: separate accounts not required if particulars are already maintained.
- A person using such goods for manufacture of other goods shall maintain a true and complete account of the goods so used, kept at the intimated place.
- If, on verification by a proper officer, such goods are found lesser in quantity than the stock shown in the accounts, it shall be presumed, unless the contrary is proved, that the shortfall has been illegally exported and that the person has been concerned with the illegal export.
