Interest on warehoused goods payable at ex bonding; bank guarantee now secures extensions, removing upfront interest requirement. The prior requirement to collect interest before allowing extensions of warehousing, and to issue demand notices for such interest, is removed. Interest, if payable, shall be paid at the time of ex bonding. In lieu of upfront interest collection, importers must furnish a bank guarantee (a percentage of duty and interest) before an extension is granted, with specified industry exemptions.
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Provisions expressly mentioned in the judgment/order text.
Interest on warehoused goods payable at ex bonding; bank guarantee now secures extensions, removing upfront interest requirement.
The prior requirement to collect interest before allowing extensions of warehousing, and to issue demand notices for such interest, is removed. Interest, if payable, shall be paid at the time of ex bonding. In lieu of upfront interest collection, importers must furnish a bank guarantee (a percentage of duty and interest) before an extension is granted, with specified industry exemptions.
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