CIR NO. 1/1999-CUS Dated 18-01-1999
- Document type
- Circular
- Reference no.
- E
- Dated
Drawback Period of payment reduced from 3 to 2 months
Drawback Period of payment reduced from 3 to 2 months -Interest on delayed payment
Cus Circular No.1/1999-DBK date 18/1/1999
Subject: The Customs (Amendment) Act, 1998.
Section 75-A of Customs Act, 1962 has been amended vide the Customs (Amendment), Act, 1998 (No. 8 of 1999) dated 8th January, 1999. The Act received the assent of the President on 8th January, 1999. The amendment Act has reduced the period of three months provided in Section 75-A (1) and (2) of the Customs Act, 1962 to two months, within which period the drawback shall be paid to exporters. Where drawback is not paid within the reduced period of the two months, the Central Government shall pay interest to the exporters for the delayed period. It may be clarified that in other respects. Section 75-A of the Customs Act, 1962 remains the same. It may also be noted that the Amendment Act applies prospectively i.e. in respect of claims filed on or after 8.1.1999. A copy of the Customs (Amendment) Act, 1998 is enclosed herewith for necessary action.
2. The above amendment may kindly be brought to the notice of the field staff and trade so that the drawback is released to the exporters within the time limit of two months.
Sd/-
(S.P.Srivastav)
Joint Secretary to the Government of India
F.No. 602/8/98-DBK
Subject: The Customs (Amendment) Act, 1998.
Section 75-A of Customs Act, 1962 has been amended vide the Customs (Amendment), Act, 1998 (No. 8 of 1999) dated 8th January, 1999. The Act received the assent of the President on 8th January, 1999. The amendment Act has reduced the period of three months provided in Section 75-A (1) and (2) of the Customs Act, 1962 to two months, within which period the drawback shall be paid to exporters. Where drawback is not paid within the reduced period of the two months, the Central Government shall pay interest to the exporters for the delayed period. It may be clarified that in other respects. Section 75-A of the Customs Act, 1962 remains the same. It may also be noted that the Amendment Act applies prospectively i.e. in respect of claims filed on or after 8.1.1999. A copy of the Customs (Amendment) Act, 1998 is enclosed herewith for necessary action.
2. The above amendment may kindly be brought to the notice of the field staff and trade so that the drawback is released to the exporters within the time limit of two months.
Sd/-
(S.P.Srivastav)
Joint Secretary to the Government of India
F.No. 602/8/98-DBK