SectionsParticulars
Chapter IPreliminary
1Short title, extent and commencement
1.     This Act may be called the Warehousing (Development and Regulation) Act, 2007.2.     It extends to the whole of India except the State of Jammu and K...
2Definitions
In this Act, unless the context otherwise requires,-a.     "accreditation agency" means an agency, whatever be its constitution, registered with the Authori...
Chapter IIRegulation of Warehousing Business
3Requirement of registration for warehouses issuing negotiable warehouse receipts
1.     No person shall commence or carry on the warehousing business unless he has obtained a registration certificate in respect of the concerned warehouse ...
4Registration of warehouses
1.     Any person desirous of commencing or carrying on the business of maintaining a warehouse issuing negotiable warehouse receipts may make an application...
5Registration of accreditation agencies
1.     The Authority shall, from time to time, determine the number of accreditation agencies as it may authorise to issue certificate of accreditation to w...
Chapter IIIWarehousemen
6Liabilities of warehousemen
1.     A warehouseman is liable for loss of, or injury to, goods caused by his failure to exercise such care and diligence in regard to the goods as a carefu...
7Duties of warehousemen
1.     In the absence of a lawful excuse, a warehouseman shall deliver the goods referred to in a negotiable receipt, to the holder of the receipt on demand ...
8Duties of warehouseman to keep records and accounts of warehouse business
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...
9Special powers of warehouseman to deal with perishable and hazardous goods
1.     If the goods are of a perishable or hazardous nature, or their keeping shall deteriorate greatly in value or damage other property, the warehouseman m...
10Lien of warehouseman on goods
1.     Every warehouseman has a lien on goods deposited with him for storage, whether deposited by the owner of the goods or by his authority, or by any pers...
Chapter IVWarehouse Receipts
11Warehouse receipts
1.     A warehouse receipt, which may be either in writing or in electronic form, shall be a document of title to goods in writing if it contains all the fol...
12Negotiability of warehouse receipts
1.     The words in a negotiable warehouse receipt limiting its negotiability shall be void.2.     A warehouseman who issues a non-negotiable warehouse rec...
13Negotiation of warehouse receipt by delivery
A negotiable warehouse receipt may be negotiated by its delivery if, by the terms of the receipt, the warehouseman undertakes to deliver the goods to the orde...
14Transfer of negotiable warehouse receipts without endorsement
Where a negotiable receipt is transferred for valuable consideration by delivery, and the endorsement of the transferor is essential for negotiation, the tran...
15Warranties on negotiation of warehouse receipt
A person who, for valuable consideration, negotiates a negotiable warehouse receipt by endorsement and delivery, including one who assigns for valuable consid...
16Non-liability of the endorser
The endorsement of a receipt does not make the endorser liable for any failure on the part of the warehouseman or previous endorsers of the receipt to fulfill...
17Negotiation of warehouse receipt not impaired by fraud, mistake or duress
The validity of the negotiation of a receipt is not impaired by the fact that-a.     the negotiation was a breach of duty on the part of the person making th...
18Subsequent negotiation of warehouse receipts
If a person having sold, mortgaged or pledged goods that are in the custody of a warehouseman and for which a negotiable receipt has been issued, continues in...
19Delivery of goods to be made after due charges are paid
When a negotiable warehouse receipt has been issued in respect of any goods, the warehouseman shall not deliver the goods to the depositor or endorsee, until ...
20Transfer of non-negotiable receipts
1.     A non-negotiable warehouse receipt may be transferred by the holder by delivery to a purchaser or donee of the goods in writing executed by the holder...
21Conclusiveness of negotiable warehouse receipt
In the hands of a holder who has purchased a negotiable warehouse receipt for valuable consideration, it shall be conclusive evidence of the goods described i...
22Presumption in certain cases
In a dispute between an endorser of a negotiable warehouse receipt and his endorsee unless it is proved otherwise, it shall be presumed that-a.     the endo...
23Issue of duplicate receipt
1.     No warehouseman shall issue a warehouse receipt without actually receiving the goods of the quantity, quality or grade and other particulars as may be...
Chapter VThe Warehousing Development and Regulatory Authority
24Establishment and incorporation of Authority
1.     With effect from such date as the Central Government may, by notification, specify in this behalf, there shall be constituted an authority to be calle...
25Composition of Authority
The Authority shall consist of –a.     a Chairperson; andb.    not more than two other members, to be appointed by the Central Government from amongst per...
26Tenure of office of Chairperson and other members
1.     The Chairperson and every other member shall hold office for a term not exceeding five years from the date on which he enters upon his office and shal...
27Removal from office
1.     The Central Government may remove from office any member who-a.     is, or at any time has been, adjudged as an insolvent; orb.    has become physical...
28Salary, allowances and other terms and conditions of Chairperson and other members
Subject to the rules as may be made in this behalf, the salaries and allowances payable to, and other terms and conditions of service of-(a) the Chairperson s...
29Bar on future employment of members
The Chairperson and the other members shall not, for a period of two years from the date on which they cease to hold office as such, except with the previous ...
30Chairperson to be the chief executive of Authority
The Chairperson shall be the chief executive of the Authority....
31Meetings of Authority
1.     The Authority shall meet at such times and places and shall observe such rules of procedure in regard to transaction of business at its meetings (incl...
32Vacancies, etc., not to invalidate proceedings of Authority
No act or proceeding of the Authority shall be invalid merely by reason of-a.     any vacancy in, or any defect in the constitution of, the Authority; orb.  ...
33Officers and employees of Authority
1.     The Authority may appoint officers and such other employees as it considers necessary for the efficient discharge of its function under this Act.2.   ...
34Warehousing Advisory Committee
1.     The Authority may, by notification, constitute a Committee to be known as the Warehousing Advisory Committee to advise the Authority on matters relati...
Chapter VIPowers and Functions of Authority
35Powers and functions of Authority
1.     Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty to regulate and ensure implemen...
Chapter VIIFinance, Accounts and Audit
36Grants by Central Government
The Central Government may, after due appropriation made by Parliament by law in this behalf, make to the Authority grants of such sums of money as the Govern...
37Constitution of fund
1.     There shall be constituted a fund to be called the Warehousing Development and Regulatory Authority Fund and there shall be credited thereto-a.     al...
38Accounts and audit
1.     The Authority shall maintain proper accounts and other relevant records and prepare an annual statement of accounts in such form and manner as may be ...
39Furnishing of returns, Annual Report, etc., to Central Government
1.     The Authority shall furnish to the Central Government at such time and in such form and manner as may be prescribed, or as the Central Government may ...
40Offences by companies
1.     Without prejudice to the foregoing provisions of this Act, the Authority shall, in exercise of its powers and performance of its functions under this ...
Chapter VIIIPowers of Central Government
41Powers of Central Government to issue directions
1.     If, at any time, the Central Government is of the opinion-a.     that, on account of circumstances beyond the control of the Authority, it is unable t...
Chapter IXAppeals
42Appeals to Appellate Authority
1.     Any person aggrieved by an order of the Authority made under this Act, or any rules or the regulations made there under may prefer an appeal to such p...
Chapter XOffences and Penalties
43Offences and penalties
1.     Any warehouseman knowingly issuing a negotiable warehouse receipt without taking the actual physical delivery of the goods in his warehouse or a wareh...
44Offences by companies
1.     Where an offence under this Chapter is committed by a company, every person, who at the time the offence was committed, was in charge of the company o...
45Cognizance of offences by courts
1.     No court shall take cognizance of any offence punishable under this Act, save on a complaint made by the Authority or by any officer authorised in wri...
Chapter XIMiscellaneous
46Chairperson, members, officers and other employees of Authority to be public servants
The Chairperson, members, officers and other employees of Authority and Appellate Authority shall be deemed, when acting or purporting to act in pursuance of ...
47Protection of action taken in good faith
No suit, prosecution or other legal proceeding shall lie against the Central Government or any officer of the Central Government or any member, officer or oth...
48Delegation of powers
The Authority may, by general or special order in writing, delegate to the Chairperson or any other member or officer of the Authority subject to such conditi...
49Exemption from tax on wealth and income
Notwithstanding anything contained in the Wealth-tax Act, 1957, the Income-tax Act, 1961 or any other enactment for the time being in force relating to tax on...
50Power of Central Government to make rules
1.     The Central Government may, by notification, make rules for carrying out the provisions of this Act.2.     In particular, and without prejudice to t...
51Power of Authority to make regulations
1.     The Central Government may, by notification, make rules for carrying out the provisions of this Act.2.     In particular, and without prejudice to t...
52Rules and regulations to be laid before Parliament
Every rule made by the Central Government and every regulation made by the Authority under this Act shall be laid, as soon as may be after it is made, before ...
53Act to have overriding effect
The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for time being in force or in any inst...
54Power to remove difficulties
1.     If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order, published in the Official Gazette, make...
55Amendment of Act 2 of 1899
After section 8B of the Stamp Act, 1899, the following section shall be inserted, namely:-`"8C. Negotiable warehouse receipts not liable to stamp duty. Notwi...
Have a Legal Issue?
Get connected to the Best Lawyers and Chartered Accountants Near You!