Warehoused goods - Rate of interest - 30/99 - Customs - Non Tariff

Warehoused goods - Rate of interest Notification No. 30/99-Cus.(N.T.) Dated 12-5-1999 In exercise of the powers conferred by clause (ii) of sub-section (2) of section 61 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, for the purposes of the said sub-section, fixes the following rates of interest, on the amount of duty payable at the time of clearance of goods specified in sub-clause (b) of sub-section (1) of section 61 of the said Customs Act in accordance with the provisions of section 15 of the said Customs Act as applicable to the warehoused goods, as given in column (3) of the Table below for said goods remaining in warehouse for the duration specified in corresponding entry in column (2) of the said Table. TABLE S.No. Duration of Warehousing Rate of Interest (1) (2) (3) 1. 6 to 9 months 12 per cent per annum 2. 9 to 12 months 16 per cent per annum 3. Beyond 12 months 20 per cent per annum