Clause 63 - Amendment of section 49 - FINANCE BILL, 2013

Amendment of section 49

     63. In section 49 of the Customs Act,—

          (a) for the words “be permitted to be stored in a public warehouse”, the words “be permitted to be stored for a period not exceeding thirty days in a public warehouse” shall be substituted;

          (b) the following proviso shall be inserted, namely:—

               “Provided that the Commissioner of Customs may extend the period of storage for a further period not exceeding thirty days at a time.”.

 

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Notes on Clauses:

Clause 63 seeks to amend section 49 to provide that goods may be permitted to be stored for a period not exceeding thirty days in a public warehouse and the private warehouse in the interest of accountability and early finalization of assessment and to insert a proviso that the Commissioner of Customs may extend the period of storage for a further period not exceeding thirty days at a time.