Clarification on the commencement of the interest free period of 90 days under Section 61 of the Customs Act, 1962 – Reg.

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....ustoms (Preventive) All Chief Commissioners of Customs and Central Excise All Commissioners of Customs / Customs (Preventive) All Commissioners of Central Excise and Customs All Directors General under CBEC. Subject: Clarification on the commencement of the interest free period of 90 days under Section 61 of the Customs Act, 1962 - Reg. Madam/Sir, A reference is invited to Sub-section 2 (i....

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....ds have to remain in the warehouse beyond a period of ninety days, for the interest to be chargeable. 3. Thus, a harmonious reading of the wording of Sub-section 2 (ii) of Section 61 and the definition of the term 'warehoused goods' indicates that when the goods deposited in a warehouse remain warehoused beyond a period of ninety days, then the interest starts accruing. In other words, the releva....