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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Customs Act Section 47 Amended: Importers Now Have Two Days to Pay Duty Before Interest Applies.</h1> Section 47 of the Customs Act, 1962 has been amended by the Finance Act, 2013, effective from May 10, 2013. The amendment reduces the time allowed for importers to pay import duty from five days to two days, excluding holidays, from the date the Bill of Entry is returned for payment. If the duty is not paid within this period, interest will accrue at a rate determined by the Central Government. The necessary adjustments to calculate interest after two days have been implemented in the ICES application as of May 14, 2013.
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