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Interest on delayed refunds of deposits reg.

Customs - 144/2016 - Dated:- 31-10-2016 - OFFICE OF THE COMMISSIONER OF CUSTOMS, (NS-I,III&V) JAWAHARLAL NEHRU CUSTOM HOUSE, SHEVA, TAL.-URAN DIST.-RAIGAD, MAHARASHTRA - 400707 F.No. S/26-Misc-27/2016-17/CRC-I/JNCH Dated 31.10.2016 PUBLIC NOTICE NO. 144/2016 Sub: - Interest on delayed refunds of 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 refun .....

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It is hereby clarified that no interest is payable in respect of refund of deposits (for example security deposits, deposits on project import, etc.). CBEC Circular No. 59/95 issued vide F.No. 438/7/95 CUS IV may be referred in the matter. 4. Relevant portion of Para 6 of CBEC Circular No. 59/95 issued vide F.No. 438/7/95 CUS IV states as under: The finalisation of refund claims are to be closely monitored and it may be ensured that these are decided without fail within the period provided. No .....

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