Request for an Extended Period of Warehousing under Section 61 of Customs Act, 1962 - Reference from Shipyards - Reg.

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....i, dated the 29^th of February, 2012   To   All Chief Commissioners of Customs All Chief Commissioners of Customs & Central Excise     Subject:- Request for an  Extended Period of Warehousing under Section 61 of Customs Act, 1962 - Reference from Shipyards - Reg. *****   Madam/Sir,   A reference is invited to the Board's off....

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....nterest is paid, which will burden them, particularly when the warehoused goods are exempt from Customs duty when cleared for specified end uses. 2.         In this connection, for the goods covered under the provisions of Section 61 (2) (ii) of the Customs Act, 1962, interest amount is payable at the rates fixed by the Board on the duty payable on the wa....

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....oach obviates the need for the importer to first pay the interest and then, on waiver, seek refund and it also safeguards revenue interest through a demand. 3.         The phrase '--if interest accrued on the goods in the preceding period is realized' was used in the letter dated 1^st June 2011 in view of the provisions of Section 61 (2) (ii) of the Act, ....