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of <h1>Supreme Court Grants Conditional Stay in Customs Duty Case, Mandates Rs. 80 Crore Deposit Within 60 Days</h1> <h3>LOREAL INDIA PRIVATE LIMITED Versus UNION OF INDIA & ORS.</h3> SC issued notice to respondents in customs duty dispute. Stay of order granted conditionally, requiring petitioner to deposit Rs. 80 crores within 60 days ... Principle of zeroing - increase in customs duty to the extent of Rs. 16.26 crores and an increase in additional grammage to the extent of Rs. 22.85 crores - last sale price - HELD THAT:- We are inclined to issue notice to the respondents on the steps being taken within a period of ten days from today. List in the month of March 2023. The Supreme Court of India issued notice to respondents regarding customs duty increase and zeroing principle application. Stay of impugned order subject to petitioner depositing Rs. 80 crores within sixty days, to be converted into an interest-bearing Fixed Deposit Receipt for 12 months. Next hearing scheduled for March 2023.
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