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of <h1>Customs Circular: No Interest on Delayed Refunds for Security and Project Import Deposits per Customs Act 1962.</h1> The circular from the Office of the Commissioner of Customs addresses the issue of interest on delayed refunds of deposits. It clarifies that, according to the Customs Act 1962 and relevant notifications, interest is not payable on the refund of deposits such as security deposits or deposits related to project imports. The circular references CBEC Circular No. 59/95, which emphasizes the need for timely finalization of refund claims and specifies that interest liability should not typically fall on the government. Refund claims should be resolved at the level of the Assistant Commissioner, with quick processing of pre-audit systems and cheque issuance.
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