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of <h1>Customs Circular: Extending Warehousing Period for Shipyard Imports u/s 61; Interest Waiver Guidelines Clarified.</h1> The circular addresses requests for extending the warehousing period under Section 61 of the Customs Act, 1962, specifically for goods imported by shipyards. It clarifies that the Chief Commissioner of Customs may grant extensions beyond three months if the goods remain in good condition and interest accrued is realized. However, the requirement to pay interest before extending the warehousing period is causing hardship, especially when goods are exempt from customs duty. The circular references guidelines for waiving interest on machinery and materials used in shipbuilding, emphasizing that interest demands should be raised but not enforced until the goods are used for their intended purpose.
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