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of <h1>Finance Ministry Updates Customs Act: Increases Waiver Limit for Warehoused Goods Interest to Rs. 2 Crores, Expands Scope.</h1> The circular from the Ministry of Finance, dated October 29, 2004, amends previous instructions to delegate the power to waive interest on customs duty for warehoused goods to Chief Commissioners of Customs & Central Excise. The delegation increases the limit from Rs. 15 lakhs to Rs. two crores under section 61 of the Customs Act, 1962. Additionally, the scope for waiving interest now includes imports under the EPCG Scheme and capital goods imports by Public Sector Undertakings. The circular instructs officials to consider waiver requests following these updated guidelines and to disseminate this information widely.
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