Applicability of interest on warehoused goods under Section 61 of the Customs Act, 1962 – Clarification thereto – regarding -

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..... f interest on warehoused goods under Section 61 of the Customs Act, 1962 – Clarification thereto – regarding - I am directed to state that Board is in receipt of references seeking clarification regarding applicability of appropriate rate of interest on goods warehoused under Section 61 of the Customs Act, 1962. It has been contended that the interest of 24% p.a., fixed vide Not .....

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..... vide Notification No. 10/2001-Customs (NT), dated 01.03.2001, would continue to remain in force. The Government is legislatively competent to do so as the said rate continues to be covered within the rates of 10% to 36% as prescribed in Section 47 ibid. 4. You are requested to take necessary action in the matter and inform all concerned suitably in the light of Board’s aforesaid clarif .....

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