Waiver of interest - CBEC's Customs Manual 2023 - Customs

12. Waiver of interest: 12.1 Section 61(2) of the Customs Act, 1962 provides that if the Board considers it necessary so to do, in the public interest, it may, - (a) by order, and under the circumstances of an exceptional nature, to be specified in such order, waive the whole or any part of the interest payable under this section in respect of any warehoused goods; (b) by notification in the Official Gazette, specify the class of goods in respect of which no interest shall be charged under this section; (c) by notification in the Official Gazette, specify the class of goods in respect of which the interest shall be chargeable from the date on which the proper officer has made an order under sub-section (1) of section 60 .