Customs interest reduction and a new public interest waiver power allow the Board to partially or fully relieve interest liabilities. The amendment lowers the statutory interest rate applicable under section 47(2) for delayed customs payments and introduces a proviso empowering the Board, where it is satisfied that it is necessary in the public interest, to waive wholly or partly any interest payable under the section by issuing an order that records reasons for the waiver.
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Provisions expressly mentioned in the judgment/order text.
Customs interest reduction and a new public interest waiver power allow the Board to partially or fully relieve interest liabilities.
The amendment lowers the statutory interest rate applicable under section 47(2) for delayed customs payments and introduces a proviso empowering the Board, where it is satisfied that it is necessary in the public interest, to waive wholly or partly any interest payable under the section by issuing an order that records reasons for the waiver.
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