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Date: 2015-12-23 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by the second proviso to clause ii of sub- section 2 of section 61 of the Customs Act, 1962 52 of 1962, the Central Board of Excise and Customs, being satisfied that it is necessary so to do in the public interest

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

**Policy Summary:** This notification, No. 147/2015-Customs (N.T.), issued by the Ministry of Finance, Department of Revenue, Central Board of Excise and Customs, effective December 23, 2015, specifies an exemption from interest charges under Section 61(2)(ii) of the Customs Act, 1962. The exemption applies to crude oil that is imported and stored in underground rock caverns. This decision, made in the public interest, is issued under the powers conferred by the second proviso to clause (ii) of sub-section (2) of section 61 of the Customs Act, 1962 (52 of 1962). The notification is identified by F. No. 473/07/2015-LC and signed by TEMSUNARO JAMIR, Under Secretary.

Key Entities Referenced

Customs Act, 1962: A law related to customs duties and regulations in India. Central Board of Excise and Customs: A government agency responsible for the administration of excise and customs duties. Ministry of Finance: The government ministry responsible for economic and financial matters. New Delhi: The capital city of India and location of the notification. Section 61: A specific section within the Customs Act, 1962 related to interest charges on goods. Underground Rock Caverns: A type of storage facility for imported crude oil, which is the subject of the notification. Crude: The type of goods (oil) to which this notification refers. TEMSUNARO JAMIR: The Under Secretary who signed the notification.
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jftLVªh laö Mhö ,yö&33004@99 REGD. NO. D. L.-33004/99 vlk/kj.k EXTRAORDINARY Hkkx II—[k.M 3—mi&[k.M (ii) PART II—Section 3—Sub-section (ii) izkf/dkj ls izdkf'kr PUBLISHED BY AUTHORITY la- 2789] ubZ fnYyh] cq/okj] fnlEcj 23] 2015@ikS"k 2] 1937 No. 2789] NEW DELHI, WEDNESDAY, DECEMBER 23, 2015/PAUSA 2, 1937 ििििवववव(cid:3)(cid:3)(cid:3)(cid:3) मममम(cid:7)(cid:7)ंं(cid:7)(cid:7)ंं ााााललललयययय ((((ररररााााजजजज(cid:4)(cid:4)(cid:4)(cid:4)वववव ििििववववभभभभाााागगगग)))) ((((कककक(cid:11)(cid:11)(cid:11)(cid:11)(cid:12)(cid:12)(cid:12)(cid:12)ीीीीयययय उउउउ(cid:16)(cid:16)(cid:16)(cid:16)पप प प ाााादददद एएएएवववव ंं ंंससससीीीीममममाााा शशशशु(cid:20)ु(cid:20)ु(cid:20)ु(cid:20)कक कक बबबबोोोोडडडड))(cid:24)(cid:24)))(cid:24)(cid:24) अअअअििििधधधधससससचचूूचचूू ननननाााा नई (cid:1)द(cid:3) ली, 23 (cid:1)दसम् बर, 2015 ससससंं..ंं.. 111144447777////2222000011115555----ससससीीीीममममााााशशशशु(cid:20)ु(cid:20)ु(cid:20)ु(cid:20)कक कक ((((गगगग..ैै..ैैटटटट..ैै..ैै)))) ककककाााा....आआआआ.... 3333555511110000((((अअअअ))))....————सीमा शु(cid:3)क अिधिनयम, 1962 (1962 का 52) क(cid:10) धारा 61 क(cid:10) उपधारा (2) के खंड (ii) के ि(cid:12)तीय परंतुक (cid:12)ारा (cid:16)द(cid:17)त शि(cid:18)त य(cid:19) का (cid:16)योग करते (cid:22)ए, क(cid:24)(cid:25)ीय उ(cid:17) पाद शु(cid:3) क एवं सीमा शु(cid:3) क बोड(cid:30) इस बात से संतु! ट होने पर (cid:1)क ऐसा करना लोकिहत म(cid:24) आव&य क ह,ै एतद ् (cid:12)ारा व(त ु) क(cid:10) *ेणी अथा(cid:30)त् आयात (cid:1)कया गया और भूतल के नीचे क(cid:10) च1ान(cid:19) क(cid:10) कंदरा) म(cid:24) जमा क3 चे तेल को िविन4द!ट करती ह ैिजसके संबंध म(cid:24) उपयु(cid:30)(cid:18) त धारा 61 के अंतग(cid:30)त कोई 5 याज (cid:16)भाय (cid:30)नह8 होगा। [फा. सं. 473/07/2015-एलसी] तेमसुनारो जमीर, अवर सिचव MINISTRY OF FINANCE (Department of Revenue) [CENTRAL BOARD OF EXCISE AND CUSTOMS] NOTIFICATION New Delhi, the 23rd December, 2015 No. 147/2015-Customs (N.T.) S. O. 3510(E).—In exercise of the powers conferred by the second proviso to clause (ii) of sub- section (2) of section 61 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, being satisfied that it is necessary so to do in the public interest, hereby specifies the class of goods, namely ‘crude’, imported and stored in underground rock caverns, in respect of which no interest shall be charged under the said section 61. [F. No. 473/07/2015-LC] TEMSUNARO JAMIR, Under Secy. 5428 GI/2015 Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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