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of <h1>Customs Clarifies Interest on Warehoused Goods: Exemptions Don't Waive Initial Duty-Based Interest per Section 61(2) of Customs Act.</h1> The circular issued by the Central Board of Excise & Customs addresses the issue of interest charges on warehoused goods that were dutiable at the time of warehousing. Despite subsequent exemptions from customs duty, the interest remains chargeable based on the duty rate assessed initially. Importers have contested this interest levy, arguing that goods cleared without duty should not incur interest. The Ministry of Law clarified that interest is due unless specifically waived under Section 61(2) of the Customs Act, 1962. The Board confirms that exemptions do not automatically relieve goods from interest liability.
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