Waiver of interest under Section 61(2) for warehoused capital goods - automatic extensions urged for export obligations. Waiver of interest under Section 61(2) applies to customs duty on warehoused imports; capital goods imported by Export Oriented Units must be kept in bonded warehouse for the entire export obligation period, and extensions beyond the initial one year warehousing term for such goods should be treated as automatic. Officers are directed to advise Export Oriented Units to apply for longer warehousing extensions and for waiver of interest, following the Board's instructions.
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Provisions expressly mentioned in the judgment/order text.
Waiver of interest under Section 61(2) for warehoused capital goods - automatic extensions urged for export obligations.
Waiver of interest under Section 61(2) applies to customs duty on warehoused imports; capital goods imported by Export Oriented Units must be kept in bonded warehouse for the entire export obligation period, and extensions beyond the initial one year warehousing term for such goods should be treated as automatic. Officers are directed to advise Export Oriented Units to apply for longer warehousing extensions and for waiver of interest, following the Board's instructions.
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