Interest on warehoused goods applies from expiry of amended storage periods until clearance, payable at a Board fixed rate. Amendment to section 61 shortens statutory warehouse storage periods by replacing 'three years' with 'one year', 'one year' with 'three months', and the second 'one year' in sub clause (ii) with 'six months', and adds a new provision making interest payable on the duty on warehoused goods remaining beyond the revised period, payable from expiry of that period until clearance at a Board fixed rate capped by statute.
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Interest on warehoused goods applies from expiry of amended storage periods until clearance, payable at a Board fixed rate.
Amendment to section 61 shortens statutory warehouse storage periods by replacing "three years" with "one year", "one year" with "three months", and the second "one year" in sub clause (ii) with "six months", and adds a new provision making interest payable on the duty on warehoused goods remaining beyond the revised period, payable from expiry of that period until clearance at a Board fixed rate capped by statute.
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