Warehoused goods — Rate of duty on "Time expired bonds"

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....follows: 2. The goods kept in a warehouse cease to be warehoused goods on expiry of the permissible or extended warehousing period and, therefore, their removal from the warehouse cannot be regarded as covered by the provisions of section 15(1)(b) of the Customs Act, 1962. The goods which are not removed from a warehouse within the permissible or extended period are to be treated as goods impro....

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....ment of duty or actual clearance of the goods. 4. Applications for extension of warehousing period received after the admissible/extended warehousing period will be considered/granted only for the purpose of allowing the goods to be kept in the warehouse for some specified period (and not disposing them of u/s 72 ibid), but the relevant date for the rate of duty applicable shall stand fixed/fro....