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of <h1>Customs Duty Interest Waiver for EOUs: Automatic Warehousing Extensions for Capital Goods u/s 61(2) of the Customs Act.</h1> The circular from the Central Board of Excise & Customs addresses the waiver of interest on customs duty under Section 61(2) of the Customs Act, 1962, specifically for capital goods imported by 100% Export Oriented Units (EOUs). It mandates that these goods must remain warehoused and bonded for the duration of their export obligations, which can last five or ten years. The circular instructs that extensions of the warehousing period beyond the initial year should be automatic, and advises EOUs to apply for longer extensions and interest waivers accordingly.
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