Section 8. In section 61 of the principal Act,

8. In section 61 of the principal Act,— (i) in sub-section (1),— (a) in clause (b), for the words "three months", the words "thirty days" shall be substituted; (b) in the first proviso,— (A) in clause (i), for the words "three months", the words "thirty days" shall be substituted; (B) in clause (ii), the words "or three months, as the case may be," shall be omitted; (ii) for sub-section (2), the following sub-sections shall be substituted, namely:— "(2) Where any warehoused goods, specified in clause (a) of sub-section (1), remain in a warehouse beyond a period of one year, by reason of extension of the aforesaid period or otherwise, interest at such rate as specified in section 47 shall be payable on the amount of duty on the warehoused goods for the period from the expiry of the period of one year till the date of the clearance of the goods from the warehouse. Provided that the Board may, if it considers it necessary so to do in the public interest, waive, by such order and under circumstances of an exceptional nature, to be specified in such order, the whole or part of any interest payable under this section in respect of any warehoused goods.". Amendment of sections 60, 72 and 73. Amendment of section 129E.