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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 Commissioners Customs, All Principal Chief Commissioners of Customs & Central Excise, All Chief Commissioners of Customs, All Chief Commissioners of Customs & Central Excise, All Directors General, Chief Departmental Representative, All Principal C .....

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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 be collected before allowing extensions, with a view to encourage early clearances. This led to importers having to deposit interest and seek refunds in the event of interest not being payable, for example in cases where goods were finally exported. I .....

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