Clause 119 - Amendment of section 51 - Finance Bill, 2016

Amendment of section 51 119. In the Customs Act, section 51 shall be renumbered as sub-section (1) thereof, and- (a) in sub-section (1) as so renumbered, the following proviso shall be inserted, namely: Provided that the Central Government may, by notification in the Official Gazette, permit certain class of exporters to make deferred payment of said duty or any charges in such manner as may be provided by rules. ; (b) after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely:- (2) Where the exporter fails to pay the export duty, either in full or in part, under the proviso to sub-section (1) by such due date as may be specified by rules, he shall pay interest on said duty not paid or short-paid till the date of its payment at such rate, not below five per cent. and not exceeding thirty-six per cent. per annum, as may be fixed by the Central Government, by notification in the Official Gazette. .