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Notes on clauses-Customs

Notes-02 - Bills - Notes on clauses - FINANCE BILL, 2016 - Notes-02 - Customs Clause 113 of the Bill seeks to amend section 2 of the Customs Act so as to- (i) substitute clause (43) thereof to redefine the expression warehouse ; (ii) omit clause (45). Clause 114 of the Bill seeks to amend the Chapter heading of Chapter-III of the Customs Act. Clause 115 of the Bill seeks to omit section 9 of the Customs Act. Clause 116 of the Bill seeks to amend section 25 of the Customs Act, so as to substitute .....

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This clause further seeks to extend the limitation period for investigation of cases not involving any collusion, wilful misstatement or suppression of facts from one year to two years. Clause 118 of the Bill seeks to insert a proviso in sub-section (1) of section 47 of the Customs Act so as to empower the Central Government to permit certain class of importers specified by notification to make deferred payment of duty or other charges in the manner provided by the rules. It also seeks to amend .....

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by notification to make deferred payment of duty or any charges in the manner provided by rules. It also seeks to insert a new section therein to empower the Central Government to fix the rate of interest not below five per cent. and not exceeding thirty-six per cent. per annum where the exporter fails to pay export duty either in full or in part within the date specified by rules. Clause 120 of the Bill seeks to substitute section 53 of the Customs Act so as to enable the proper officer to all .....

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he Principal Commissioner of Customs or Commissioner of Customs, the power to license a private warehouse. The proposed section 58A seeks to vest with the Principal Commissioner of Customs or Commissioner of Customs the power to license a special warehouse wherein dutiable goods may be deposited and such warehouse shall be caused to be locked by the proper officer and no person shall enter the warehouse or remove any goods therefrom without the permission of proper officer. The proposed section .....

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curity in the manner specified therein. Clause 124 of the Bill seeks to substitute new section for section 60 of the Customs Act. The proposed sub-section (1) of section 60 seeks to provide for permission for removal of goods from a customs station for the purpose of deposit in a warehouse. The proposed sub-section (2) of said section seeks to provide for the deposit of goods in a warehouse pursuant to an order made under sub-section (1). Clause 125 of the Bill seeks to substitute a new section .....

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8 of the Customs Act so as to - (i) substitute certain words therein; (ii) substitute a new clause for clause (b) to provide that any warehoused goods may be cleared from the warehouse for home consumption if the import duty, interest, fine and penalties payable in respect of such goods have been paid; (iii) omit the words rent, interest, other charges and occurring in the first proviso to that section. Clause 130 of the Bill seeks to amend section 69 of the Customs Act so as to,- (i) substitute .....

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