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Manner of payment of interest on warehoused goods

Customs - 23/2016 - Dated:- 1-6-2016 - Circular No. 23/2016 -Customs F. No. 473/20/2013-LC Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs New Delhi, the 1st June 2016 To, All Principal Chief Commis .....

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ommissioners of Customs, All Principal Commissioners of Customs & Central Excise, All Commissioners of Customs, All Commissioners of Customs & Central Excise. Sub: Section 61 of the Customs Act, 1962 had been amended vide the Finance Act, 199 .....

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. However, noting the high inventory of goods lying in bonded warehouses, with the consequential effect of locking revenue, the Board had vide Circular 47/2002-Customs dated 29th July 2002, prescribed that interest due in terms of Section 61 should b .....

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n certain industries, the Board had relaxed the above condition for extending the warehousing period but prescribed that a demand notice should be served upon the importer and the same decided upon clearance of the goods, i.e. when the liability beca .....

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discourage protracted duty deferment arising due to warehousing, the Board has prescribed conditions for furnishing of security by importers vide circular 21/2016-Customs dated 31.05.2016. The said circular also specifies the amount (which is a perc .....

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