Customs warehousing and interest rules were tightened through revised duty payment, bond, and clearance requirements. Customs law was amended to revise refund, warehousing, and interest provisions under the Customs Act, 1962. The amendments substituted references to 'duty' with 'duty and interest, if any, paid on such duty' in the refund provisions, prescribed interest where import duty is not paid within seven days after the bill of entry is returned, shortened specified time limits for warehousing and disposal of goods, and omitted the words 'without payment of duty' from certain warehousing-related sections. The amended scheme introduced a revised bond requirement for warehoused goods and inserted a new section 59A requiring payment of fifty per cent of the assessed duty and execution of a bond for the balance, together with interest and related obligations.
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Customs warehousing and interest rules were tightened through revised duty payment, bond, and clearance requirements.
Customs law was amended to revise refund, warehousing, and interest provisions under the Customs Act, 1962. The amendments substituted references to "duty" with "duty and interest, if any, paid on such duty" in the refund provisions, prescribed interest where import duty is not paid within seven days after the bill of entry is returned, shortened specified time limits for warehousing and disposal of goods, and omitted the words "without payment of duty" from certain warehousing-related sections. The amended scheme introduced a revised bond requirement for warehoused goods and inserted a new section 59A requiring payment of fifty per cent of the assessed duty and execution of a bond for the balance, together with interest and related obligations.
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