Section 50 - Amendment of section 61 - Finance Act, 1983

50. Amendment of section 61 Section 61 of the Customs-Act shall be numbered as sub-section (1) thereof, and- (a) in sub-section (1), as so numbered, for the words three years and one year , wherever they occur [except the second place at which the words one year occur in sub-clause (ii) of that sub-section], the words one year and three months shall, respectively, be substituted and for the words one year at the second place where they occur in the said sub-clause' (ii), the words six months shall be substituted; (b) after subsection (1) as so numbered, the following subsection shall be inserted, namely:- (2) Where any warehoused goods remain in a warehouse beyond the period of one year or three months specified in clause (a) or clause(b) of sub-section (1) by reason of the extension of the aforesaid period or otherwise, interest at such rate, not exceeding eighteen per cent. per annum as is for the time being fixed by the Board, shall be payable on the amount of duty on the warehoused goods for the period from the expiry of the period of one year or, as the case may be, three months, till the date of the clearance of the goods from the warehouse .