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TaxTMI 
Question - What are the amendments proposed in The Custom Act, 1962 in Finance Bill 2015 ?
AMENDMENTS IN THE CUSTOMS ACT, 1962
28 Feb 2015 
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Customs penalty revisions reduce rates, allow waiver on full duty and interest payment within a specified period, and amend settlement rules.
Amendments modify penalty rules and settlement provisions under the Customs Act, 1962: Section 28 permits conclusion of proceedings without penalty where duty and interest are paid within thirty days in the absence of fraud or intent to evade, and reduces the penalty rate in fraud cases; Sections 112 and 114 limit penalties for dealing with dutiable goods and provide reduced penalty exposure where duty and interest are paid promptly after determination; several transitional and redundant Settlement Commission provisions and reopening powers are omitted or clarified, and cases referred back are excluded from settlement. (AI Summary)
Amendments modify penalty rules and settlement provisions under the Customs Act, 1962: Section 28 permits conclusion of proceedings without penalty where duty and interest are paid within thirty days in the absence of fraud or intent to evade, and reduces the penalty rate in fraud cases; Sections 112 and 114 limit penalties for dealing with dutiable goods and provide reduced penalty exposure where duty and interest are paid promptly after determination; several transitional and redundant Settlement Commission provisions and reopening powers are omitted or clarified, and cases referred back are excluded from settlement. (AI Summary)