Interest on warehoused goods under Section 61(2) of the Customs Act - Customs - F.No. 473/239/87-Cus. VII

Interest on warehoused goods under Section 61(2) of the Customs Act F.No. 473/239/87-Cus. VII Dated 24-5-1988 Government of India Ministry of Finance (Department of Revenue) Central Board of Excise Customs, New Delhi Subject : Warehousing - Chargeability of interest on warehoused goods under Section 61(2) of the Customs Act, 1962 - Clarification regarding. Attention is invited to the C.C. Bombay and C.C.E. Meerut, D.O. letter No. S/6-Gen-266/87-88B, dated 5-8-1987 and C.No. VIII(30) Cust/Tech/12/87/16786, dated 31-7-1987 respectively on the above subject. The question of charging interest on warehoused goods where duty has been paid but goods are not cleared from the warehouse on the same day was considered by the Board, and it has been decided to consider waiver of interest leviable on the warehoused goods for a period of 7 days after duty thereon has been paid but goods could not be removed from the warehouse for reasons beyond the control of the bonder. You are, therefore, requested to forward these types of cases for Board's consideration of waiver of interest after verifying the genuineness of the reasons for not clearing the goods from the warehouse after payment of duty.