Warehousing - Waiver of interest in the customs duty under Section 61(2) of the Customs Act, 1962 - Customs - F. No. 473/482/85-CUS-VII

Warehousing - Waiver of interest in the customs duty under Section 61(2) of the Customs Act, 1962 F. No. 473/482/85-CUS-VII Dated 7-4-1986 Government of India Ministry of Finance Department of Revenue Central Board of Excise Customs New Delhi Subject : Warehousing - Waiver of interest in the Customs duty under Section 61(2) of the Customs Act, 1962 - Reg. I am directed to refer to the correspondence resting with Ministry's letter F.No. 305/111/85-FTT dated 3rd December, 1985 (copy enclosed for ready reference) on the above subject and to say that the Board desires that the instructions issued there - under should be adhered to. 2. The Board would further like to emphasise that the Capital goods imported by a 100% EOU have necessarily to be kept warehoused and bonded for the entire period of their export obligation for five years or 10 years, as the case may be, extension of ware-housing period in their case beyond the initial one year has therefore to be automatic. You may accordingly advice the 100% EOU in your charge to apply for longer extension and waiver of interest in such cases.