PUBLIC NOTICE NO. 140/2002

Warehousing – Interest on warehoused goods under Section 61 of the Customs Act, 1962 – clarification thereto – reg.

Attention of all Importers, Bonders, CHA’s and other concerned is invited to this Custom House Public Notice No. 69/2001 dated 31.05.2002 wherein rate of interest for bonded warehoused goods is prescribed. In a few cases, the trade has represented that the rate of interest chargeable on goods warehoused under Section 61 of Customs Act, 1962 should be 15% as provided under notification 28/2002 – Cus (NT) dated 13.05.2002.

The matter was referred to the Ministry. It has now been clarified by the Ministry that the rate of interest of 15% fixed vide Notification. No. 28/2002 (NT) dated 13.05.2002, for the purpose of Section 47 of the Customs Act, 1962 would not apply to goods warehoused under Section 61 of the Customs Act, 1962.

The rate of interest of 24% per annum prescribed under notification No. 10/2001-Cus (NT) dated 01.03.2001, in respect of goods warehoused under Section 61 of the Customs Act has not been reduced by the government and the same continues to be covered within the rate of 10% to 36% prescribed in Section 47.

The aforesaid clarification is brought to the notice of all concerned for information and necessary guidance.

Sd/-
(AHMED HUSSAIN)
COMMISSIONER OF CUSTOMS (IMPORTS)
MUMBAI.

Issued on File No. S/6-GEN-2408/2002B
Based on Ministry letter no. 473/19/2002 LC
Dated 01.08.2002

Attested

Sd/-
(D.H. VAINGANKAR)
DY. COMMISSIONER OF CUSTOMS
BOND DEPTT.

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