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of <h1>New Customs Act Section 61: Warehousing Time Limits and Interest Rules for Goods Under Finance Bill 2016</h1> Clause 125 of the Finance Bill, 2016, proposes a new section 61 in the Customs Act to define the duration goods can remain warehoused. Capital goods for export-oriented or technology park units can stay until clearance, while other goods for similar use can remain until consumption or clearance. All other goods have a one-year limit from the date of the proper officer's order, extendable by one year if justified. Interest accrues on goods remaining beyond ninety days from the officer's order, with potential waivers or exemptions by the Board for public interest or exceptional circumstances. Definitions for specific units are provided.
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