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of <h1>Customs Act Amendment: Condition (3) Removed, Condition (4) Revised with 24% Interest Rate for UN Project Materials</h1> The Central Government, under the Customs Act, 1962, has amended a prior notification regarding customs exemptions for materials used in goods supplied to the United Nations and projects supported by multilateral and bilateral agencies. Specifically, condition (3) is removed, and condition (4) is revised to include a requirement for interest at a rate of 24% per annum from the date of clearance of materials. These changes are made in the public interest and pertain to Notification No. 128/94-Customs, dated June 10, 1994.
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