Deferred payment of customs duty: Government permits classes of importers and exporters to defer duty with interest consequences. The Bill restructures warehousing provisions to vest licensing and cancellation powers in the Principal Commissioner or Commissioner of Customs, establishes private and special locked warehouses, mandates bonds and security for importers, and clarifies deposit, custody, removal, owner's rights, and periods for warehoused goods. It enables deferred payment schemes for specified classes of importers and exporters, authorises rule-making for due dates and manners of deferred payments, prescribes interest rate bounds for delayed payments, expands recovery to duties levied but unpaid or short-paid, and extends limitation for non-collusive investigations.
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Deferred payment of customs duty: Government permits classes of importers and exporters to defer duty with interest consequences.
The Bill restructures warehousing provisions to vest licensing and cancellation powers in the Principal Commissioner or Commissioner of Customs, establishes private and special locked warehouses, mandates bonds and security for importers, and clarifies deposit, custody, removal, owner's rights, and periods for warehoused goods. It enables deferred payment schemes for specified classes of importers and exporters, authorises rule-making for due dates and manners of deferred payments, prescribes interest rate bounds for delayed payments, expands recovery to duties levied but unpaid or short-paid, and extends limitation for non-collusive investigations.
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