Public Notice No. : 69/2001 Bond Department,
Import Supply No : 20/2001
Export Supply No : 20/2001

PUBLIC NOTICE NO.69/2001 Date 31/05/2001

Section 61 of Customs Act, 1962 has been amended by Finance Act,2001
Attention of all Importers, Bonders, CHAs and others concerned is invited to the Govt of India, Extraordinary Notification No. 23/2001 –Cus(N.T.) issued on 22nd May, 2001.

2. The said Notification states that section 61 of the Customs Act, 1962 has been amended by section 106 of the Finance Act, corresponding to clause 100 of the Finance Bill 2001, as introduced in Lok Sabha on 28th February, 2001 with the objective of enabling the Govt. to charge interest on warehoused goods, under clause (ii) of sub section (2) of section 61 beyond a period of 30 days. This amendment shall be effective from 1st day of June, 2001.

3. Consequently, w.e.f. 1st day of June, 2001 goods lying in bonded warehouse above thirty days shall be chargeable to Customs Duty + Interest @ 24% p.a. (flat rate) + other charges as applicable.

COMMISSIONER OF CUSTOMS (IMPORT)
MUMBAI.

Issued from F.No. S/6-Gen-2408/2000-01 B

Presented by eximkey.com