The Warehousing (Development and Regulation) Act, 2007

(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 Kashmir*. (3) It shall come into force on such date 1 as the Central Government may, by notification in theOfficial Gazette, appoint.

In this Act, unless the context otherwise requires,-- (a) "accreditation agency" means an agency, whatever be its constitution, registered with theAuthority under section 5; (b) "actionable claim" shall have the meaning assigned to it in section 3 of the Transfer ofProperty Act, 1882 (4 of 1882); (c) "Authority" means the Warehousing Development and Regulatory Authority establishedunder sub-section (1) of section 24; (d) "depositor" means a person who delivers goods to the warehouseman for storage; (e) "endorsee" means the person to whom the warehouse receipt is negotiated; (f) "endorsement" means signing on the warehouse receipt by the depositor or holder of thewarehouse receipt for the purpose of its negotiation; (g) "electronic form", with reference to information, means any information generated, sent,received or stored in media, magnetic, optical, computer memory, microfilm, computer generatedmicro fiche or similar device; (h) "fungible goods" means any goods of which any unit is, by nature or usage of trade, theequivalent of any other like unit and are received by a warehouseman as fungible goods; (i) "goods" means all tangible movable goods (other than actionable claims, money andsecurities), whether fungible or not; (j) "grade" means the quality standard of any goods as notified as grade designation by theCentral Government under the Agricultural Produce (Grading and Marking) Act, 1937 (1 of 1937) orany other law for the time being in force; (k) "holder" means,-- (i) in relation to a negotiable warehouse receipt, a person who is in possession of such receiptand a right to goods endorsed on it; and (ii) in relation to a non-negotiable warehouse receipt, a person named in it as the person towhom the goods are to be delivered or the assignee of that person; (l) "member" means a member of the Authority and includes its Chairperson; (m) "negotiable warehouse receipt" means a warehouse receipt under which the goodsrepresented therein are deliverable to the depositor or order, the endorsement of which has the effectof transfer of goods represented thereby and the endorsee for which takes a good title; (n) "non-negotiable warehouse receipt" means a warehouse receipt other than a negotiablewarehouse receipt; (o) "notification" means a notification published in the Official Gazette; (p) "person" includes a firm, co-operative society or any association or body of persons, whetherincorporated or not; (q) "prescribed" means prescribed by rules made under this Act; (r) "regulation" means a regulation made under this Act; (s) "warehouse" means any premises (including any protected place) conforming to all therequirements including manpower specified by the Authority by regulations wherein thewarehouseman takes custody of the goods deposited by the depositor and includes a place of storageof goods under controlled conditions of temperature and humidity; (t) "warehousing business" means the Business of maintaining warehouses in storage of goodsand issuing negotiable warehouse receipts; (u) "warehouse receipt" means an acknowledgement in writing or in electronic form issued by awarehouseman or his duly authorised representative (including depository by whatever name called)of the receipt for storage of goods not owned by the warehouseman; (v) "warehouseman" means any person who is granted a certificate of registration in respect ofany warehouse or warehouses by the Authority or an accreditation agency for carrying on thebusiness of warehousing.

(1) Noperson shall commence or carry on the warehousing business unless he has obtained a registrationcertificate in respect of the concerned warehouse or warehouses granted by the Authority under this Act: Provided that a person carrying on the warehousing business immediately before the commencementof this Act shall be allowed to carry on such business, in case he has made an application for registrationwithin thirty days from the date of such commencement: Provided further that no such registration shall be required for warehouses which do not propose toissue negotiable warehouse receipt. Explanation.--For the removal of doubts, it is hereby clarified that a warehouse registered under thisAct shall also be eligible to issue non-negotiable warehouse receipts. (2) Notwithstanding anything contained in sub-section (1), the Authority may, subject to suchregulations and guidelines issued by it, authorise any person registered under section 5 as an accreditationagency to issue certificate of accreditation to any person for carrying on the business of warehousingissuing negotiable warehouse receipts.

(1) Any person desirous of commencing or carrying on thebusiness of maintaining a warehouse issuing negotiable warehouse receipts may make an application tothe Authority for registration in respect of one or more warehouses owned or occupied by him. (2) Every application for registration under sub-section (1) shall be in such form and manner and shallbe accompanied by such fees as may be prescribed. (3) The Authority may, after such enquiry and subject to such terms and conditions as it thinks fit,grant a certificate of registration of the warehouse in the prescribed form and bearing a registrationnumber to the applicant authorising him to carry on the business of maintaining a warehouse orwarehouses and to issue negotiable warehouse receipts. (4) The Authority may not grant a certificate of registration under this section unless it is satisfied thatthe warehouse in respect of which the application has been made has adequate facilities and safeguardsrequired to warehouse the goods of the nature specified in the application and the applicant satisfies thefinancial, managerial and other eligibility criteria and competence as may be prescribed: Provided that no certificate of registration shall be refused to any applicant under this section unlessthe applicant has been given an opportunity of being heard.

(1) The Authority shall, from time to time, determinethe number of accreditation agencies as it may authorise to issue certificate of accreditation to warehousesissuing negotiable warehouse receipts. (2) Any person fulfilling the qualifications and other requirements as may be prescribed and desirousof functioning as an accreditation agency under this Act may make an application to the Authorityseeking its registration as such under this Act. (3) Every application under sub-section (2) shall be in such form and manner and shall beaccompanied by such fees and security deposit as may be prescribed. (4) The form in which and the terms and conditions subject to which a certificate of registration as anaccreditation agency may be issued under this section shall be such as may be prescribed.