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of <h1>Central Government Updates Customs Notification: 24% Interest Rate Added, Bond Exemption Revised, Export Evidence Required</h1> The Central Government has amended Notification No. 80/95-Customs, dated March 31, 1995, under the Customs Act, 1962, to address public interest concerns. Key changes include the omission of clause (a) in condition (ii), the addition of a 24% annual interest rate on materials from the clearance date in clause (b), and a revised proviso exempting bonds for imports after full export obligation discharge. Condition (v) now requires evidence of export obligation discharge to satisfy the Assistant Commissioner of Customs. Additionally, bonds must be executed before goods clearance under both import and export headings in the schedule.
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