Manner of payment of interest on warehoused goods

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..... No. 80/2016 Subject: -Manner of payment of interest on warehoused goods - reg. Attention of all the Importers, Customs Brokers and the members of the Trade is invited to the Board's Circular No.23/2016 Customs, dated 01.06.2016 on the above mentioned subject. 2. Section 61 of the Customs Act, 1962 had been amended vide the Finance Act, 1994 whereby .....

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..... d 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 became determinable (Para 7 of Board's Circular No.10/2006-Customs dated 14.02.2006).The extant circulars have been reviewed by the Board with a view towards simplification of proc .....

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..... irement of payment of interest prior to allowing extensions of warehousing period nor would there be any need to issue a demand for payment of interest. Interest, if any, shall be paid at the time of ex-bonding of the goods from the warehouse. 6. Any difficulty noticed in the implementation may be brought to the notice of the undersigned. --SD-- (D.K. S .....

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