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of <h1>Finance Bill 2016: Clause 119 amends Customs Act Section 51, introduces deferred duty payments with interest penalties.</h1> Clause 119 of the Finance Bill, 2016, amends section 51 of the Customs Act by renumbering it as sub-section (1) and adding a proviso allowing the Central Government to permit certain exporters to defer payment of duties through official notification. It introduces sub-section (2), stipulating that if exporters fail to pay export duties on time, they must pay interest on the unpaid amount. The interest rate, set by the Central Government via notification, ranges from five to thirty-six percent per annum. This amendment aims to regulate deferred payments and enforce timely duty payments with interest penalties.
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