Period for which goods may remain warehoused

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..... taking or electronic hardware technology park unit or software technology park unit or any warehouse wherein manufacture or other operations have been permitted under section 65, till their consumption or clearance from the warehouse; and (c) in the case of any other goods, till the expiry of one year from the date on which the proper officer has made an order under sub-section (1) of section 60: Provided that in the case of any goods referred to in this clause, the Principal Commissioner of Customs or Commissioner of Customs may, on sufficient cause being shown, extend the period for which the goods may remain in the warehouse, by not more than one year at a time: Provided further that where such goods are likely to deteriorate .....

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..... the Electronic Hardware Technology Park Scheme notified by the Government of India; (ii) hundred per cent. export oriented undertaking has the same meaning as in clause (ii) of Explanation 2 to sub-section (1) of section 3 of the Central Excise Act, 1944; (1 of 1944.) and (iii) software technology park unit means a unit established under the Software Technology Park Scheme notified by the Government of India. ] ---------------- Notes:- 1. Inserted vide THE FINANCE (No. 2) ACT, 2014 2 . Substituted vide THE FINANCE ACT, 2016 w.e.f. May 14, 2016, before it was read as, Period for which goods may remain warehoused. - (1) Any warehoused goods may be left in the warehouse in which .....

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..... riod as he may deem fit : Provided further that when the licence for any private warehouse is cancelled, the owner of any goods warehoused therein shall, within seven days from the date on which notice of such cancellation is given or within such extended period as the proper officer may allow, remove the goods from such warehouse to another warehouse or clear them for home consumption or exportation. (2) Where any warehoused goods - (i) specified in sub-clause (a) or sub-clause (aa) of sub-section (1), remain in a warehouse beyond the period specified in that sub-section by reason of extension of the aforesaid period or otherwise, interest at such rate as is specified in section 47 shall be payable, on the amount of duty payable .....

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