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IN the Trade meeting in Mumbai Customs last week, a Customs Broker pointed out that when they are filing Ex-Bond bill of entry under duty free scrips and interest on duty is payable, same is collected under manual challan with interest @ 18%. However when the same bill of entry is filed under EDI, rate of interest on duty is charged @ 15%. He requested that the issue regarding two different rates of interest may be clarified.
The Commissioner clarified, " as per the Customs Notification no. 18/2003 (NT) dated 01.03.2003, the rate of interest chargeable is 15% for the purpose of Section 61 of the CA'62 and accordingly, a suitable instruction will be given to the Cash section. "