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Statutory Provisions

Home Acts & Rules Bill Bills FINANCE BILL, 2011 Chapters List Chapter IV - Part 1 Indirect Taxes - Customs This

Clause 50 - Amendment of section 150. - FINANCE BILL, 2011

FINANCE BILL, 2011
Chapter IV - Part 1
Indirect Taxes - Customs
  • Contents

50. In section 150 of the Customs Act, in sub-section (2), the following proviso shall be inserted, namely:—

“Provided that where it is not possible to pay the balance of sale proceeds, if any, to the owner of the goods within a period of six months from the date of sale of such goods or such further period as the Commissioner of Customs may allow, such balance of sale proceeds shall be paid to the Central Government.”.

 



 

Notes on Clauses:

Clause 50 of the Bill seeks to amend section 150 of the Customs Act relating to procedure for sale of goods and application of sale proceeds so as to insert a proviso in sub-section (2) to provide that in case of goods remaining un-cleared and subsequently sold in auction and where the owner of the imported goods cannot be paid, the balance of sale proceeds shall be paid to the Central Government.

 
 
 
 

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