Finance & Economy
Customs Waives Demurrage Interest As Glitch Spurs Delays
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The Finance Ministry decided on Thursday to cancel demurrage as well as penal interest costs on late customs payments, despite the fact that importers continue to experience difficulties and hiccups navigating the new "upgraded and modern" Customs duty payment system implemented on April 1 The Central Board of Indirect Taxes and Customs (CBIC) stated in an order that while its Directorate General of Systems is redesigning integration mechanisms for data exchange, many cases of traders being unable to complete the process "because of unanticipated technical difficulties on the Common Portal and with the authorised banks" have emerged.