Amendment of Section 61 of the Customs Act, 1962 regarding interest free warehousing period - Clarification thereto - reg

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..... interest free warehousing period - Clarification thereto - reg. S ection 61 of the Customs Act, 1962 has been amended to read “ where any warehoused goods specified in sub-clause (b) of sub-section (1), remain in a warehouse beyond a period of ninety days , interest shall be payable at such rate or rates not exceeding the rate specified in section 47, as may be fixed by the .....

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..... iry of six months or 12.5.99 whichever is later. Accordingly, it is again being clarified that all goods which are cleared after 14.5.2003, irrespective of their date of warehousing, i.e. whether prior to or after 14.5.2003, shall be eligible for the interest- free period of a total of 90 days. S.M.Akhter Under Secretary to the Govt. of India - Circular - Trade Notice - Public Notice - I .....

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