Request for an Extended Period of Warehousing under Section 61 of Customs Act, 1962 - Reference from Shipyards - Reg.

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..... ustoms All Chief Commissioners of Customs & Central Excise Subject:- Request for an Extended Period of Warehousing under Section 61 of Customs Act, 1962 - Reference from Shipyards - Reg. ***** Madam/Sir, A reference is invited to the Board's office letter of even no. dated 1st June 2011 wherein it is stated, inter alia, that for goods falling under categories (v) and (vi) of para 5 of Circula .....

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..... connection, for the goods covered under the provisions of Section 61 (2) (ii) of the Customs Act, 1962, interest amount is payable at the rates fixed by the Board on the duty payable on the warehoused goods, if the goods remain in the warehouse beyond a period of ninety days, for the period from the expiry of the said ninety days till the date of payment of duty on the warehoused goods. However, .....

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..... in the preceding period is realized' was used in the letter dated 1st June 2011 in view of the provisions of Section 61 (2) (ii) of the Act, ibid. However, only such interest is to be collected that is due. As evident from Circular 10/2006, in cases referred to in paragraph 4 thereof, there is to be no actual collection of interest at the time of grant of extension of the warehousing period. Only .....

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