law: Custom Act, 1962 
  61.
  
  Period for which Goods may Remain Warehoused. – 
  (1)
  
  Any warehoused goods may be left in the warehouse in which they are deposited
  
  or in any warehouse to which they may be removed, - 
  (a) in the case of capital goods intended for use in any hundred per
  
  cent export oriented undertaking, till the expiry of five years; and
  (b) in the case of any other goods, till the expiry of one year, after
  
  the date on which the proper officer has made an order under section 60
  
  permitting the deposit of the goods in a warehouse : Provided that –
  ( i ) in the case of any goods which are not
  
  likely to deteriorate, the period specified in sub-section (1) may, on
  
  sufficient cause being shown, be extended by the Commissioner of Customs for a
  
  period not exceeding six months and by the Chief Commissioner of Customs for
  
  such further period as he may deem fit;
  (ii) in the case of any goods referred to in clause (b), if they are
  
  likely to deteriorate, the aforesaid period of one year may be reduced by the
  
  Commissioner of Customs to such shorter period as he may deem fit : Provided
  
  further that when the licence for any private warehouse is cancelled, the owner
  
  of any goods warehoused therein shall, within seven days from the date on which
  
  notice of such cancellation is given or within such extended period as the
  
  proper officer may allow, remove the goods from such warehouse to another
  
  warehouse or clear them for home consumption or exportation.
  where
  
  any warehoused goods- 
  (i ) specified in sub-clause (a) of sub-section (1), remain
  
  in a warehouse beyond the period specified in that sub-section by reason of
  
  extension of the aforesaid period or otherwise, interest at such rate as is
  
  specified in section 47 shall be payable, on the amount of duty payable at the
  
  time of clearance of the goods in accordance with the provisions of section 15
  
  on the warehoused goods, for the period from the expiry of the said warehousing
  
  period till the date of payment of duty on the warehoused goods;
  (ii)
  
  specified in sub-clause (b) of sub-section (1), remain in a warehouse beyond a
  
  period of six months, interest shall be payable at such rate or rates not
  
  exceeding the rate specified in section 47, as may be fixed by the Board, on
  
  the amount of duty payable at the time of clearance of the goods in accordance
  
  with the provisions of section 15 on the warehoused goods, for the period from
  
  the expiry of the said six months till the date of payment of duty on the
  
  warehoused goods:
  (2)
  
  Where any warehoused goods remain in a warehouse beyond the period specified in
  
  sub-section (1) by reason of extension of the aforesaid period or otherwise,
  
  interest at such rate as is specified in section 47 shall be payable, on the
  
  amount of duty payable at the time of clearance of the goods in accordance with
  
  the provisions of section 15 on the warehoused goods, for the period from the
  
  expiry of the said warehousing period till the date of payment of duty on the
  
  warehoused goods :
  Provided
  
    that the Board may, if it considers it
  
  necessary so to do in the public interest, by order and under circumstances of
  
  an exceptional nature, to be specified in such order, waive the whole or part
  
  of any interest payable under this section in respect of any warehoused goods :
  Provided
  
    further that the Board may, if it is
  
  satisfied that it is necessary so to do in the public interest, by notification
  
  in the Official Gazette, specify the class of goods in respect of which no
  
  interest shall be charged under this section.
  Explanation
  
  :  For the purposes of this section,
  
  "hundred per cent export oriented undertaking" has the same meaning
  
  as in Explanation 2 to sub-section (1) of section 3 of the Central Excises and
  
  Salt Act, 1944 (1 of 1944).