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of <h1>Customs Act Section 150: Warehousing Interest Not Prioritized Over Warehouse Keepers' Claims in Sale Proceeds Apportionment.</h1> The Central Board of Excise & Customs has clarified the treatment of warehousing interest in the apportionment of sale proceeds under Section 150 of the Customs Act, 1962. Interest on customs duty for warehoused goods, as per Section 61(2), is distinct from customs duty and should not take precedence over the claims of warehouse keepers, who incur costs for their services. The Board has decided there is no need to amend the Customs Act to give interest charges the same precedence as customs duty. This decision should guide the apportionment of charges when disposing of warehoused goods.
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