Deferred Payment Option Added to Customs Act 1962; Interest Rates Set for Late Import Duty Payments.

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Full Text of the Document

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....Amendment of section 47 of Customs Act, 1962 - option for deferred payment of duty or other charges in the manner provided by the rules. - to empower the Central Government to fix the rate of interest not below ten per cent. and not exceeding thirty-six per cent. per annum where importer fails to pay import duty either in full or in part within two days from the date specified therein.....