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of <h1>Government Amends Customs Notification to Impose 15% Interest on Non-Compliant Importers Under Customs Act, 1962, Effective July 2003.</h1> The Central Government has amended Notification No. 32/97-Customs, dated April 1, 1997, under the Customs Act, 1962, to include a provision that imposes a 15% annual interest on importers who fail to comply with specified conditions for jobbing for export purposes. This amendment, effective from July 10, 2003, requires the interest to be calculated from the date of clearance of goods. This measure is deemed necessary in the public interest and is formalized by the Ministry of Finance, Department of Revenue.
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