Interest on delayed refunds of deposits– reg.

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..... deposits reg. Attention of all the Importers, Exporters, Customs Brokers, members of the Trade and all concerned is invited to Section 27A and 75 A of the Customs Act 1962. Interest on delayed refunds of duty/ drawback is paid in terms of provisions under Customs Act, 1962 and relevant notifications issued by the Competent Authority from time to time. Attention is also invited to the Public N .....

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..... iod provided. No interest liability should normally lie on the Government. It is further desired that all refund claims in future be settled at the level of Assistant commissioner only (and not by Superintendent/ Appraiser). No interest is payable in respect of deposits (for example deposits for project import, etc.). Pre audit system as well as issue of cheques should be ensured at utmost speed. .....

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