Penalty waiver for timely duty payment: full payment within the prescribed period prevents levy and concludes proceedings.

The amendment inserts a proviso to deem proceedings concluded and bar penalty where the proper officer is satisfied that duty with interest specified in a show cause notice has been paid in full within the prescribed short period following service. It also lowers the penalty rate under sub section (5) and adds an Explanation deeming pending show cause cases concluded if duty, interest and penalty under the proviso or sub section (5) are paid in full within that period, subject to other applicable statutory provisions.

---

---

---