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of <h1>Customs Act Amendments: New Late Fees for Bills of Entry; Fines Start at Rs. 5000 Daily from March 31, 2017.</h1> The circular announces significant amendments to Sections 46 and 47 of the Customs Act, 1962, effective from March 31, 2017. It introduces late presentation charges for failing to file Bills of Entry within the next working day after goods arrive at a Customs Station, with fines starting at Rs. 5000 per day for the first three days and Rs. 10000 per day thereafter. Additionally, interest on duty is charged if payment is delayed beyond the stipulated time. Importers and Customs Brokers are encouraged to use Prior/Advance Bills of Entry to avoid these charges. Any issues should be reported to the Joint Commissioner (Systems).
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