PUBLIC NOTICE NO: 27 /2001 DATED: 27.8.2001

Sub: Restriction of interest free period on warehoused goods from 6 months To 30 days –reg .

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The importers/exporters/warehouse keepers are hereby informed that the provisions of Section 106 of the Finance Act, 2001(Act 14 of 2001) came into force on 1.6.2001 vide Notification No. 23/2001 Customs (N.T) dated 22.5.2001. Consequent upon the above, the section 61 of the Customs Act, 1962 stands amended to the extent that, in subsection (2) in clause (ii) for the words "six months" wherever they occur, the words "thirty days" shall be substituted.

Following this amendment, all the goods which are warehoused on or after 1.6.2001 are liable to interest 30 days after warehousing. As far as the goods lying in warehouse as on 1.6.2001 are concerned, the said goods are liable to interest from the day 30 days after warehousing or 1.6;2001 whichever is later.

Further, all the bonders/importers are directed not to seek extension of warehousing frequently. The extension will be selectively given if the bonders are willing to pay interest on the extended period.

(Issued from the file S-12.82/2001 Bonds)

COMMISSIONER OF CUSTOMS
MANGALORE.

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