(2)[Where any warehoused goods-(i)specified in [sub-clause (a)][or sub-clause (aa) 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; [Substituted by Act 27 of 1999, Section 107, for certain words (w.e.f. 11.5.1999). ](ii)specified in sub-clause (b) of sub-section (1), remain in warehouse beyond a period of [ninety days][, 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 [ninety days] [Substituted by Act 27 of 1999, Section 107, for certain words (w.e.f. 11.5.1999). ],[till the date of payment of duty on the warehoused goods] [Substituted by Act 27 of 1999, Section 107, for certain words (w.e.f. 11.5.1999). ]:[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)] [Substituted by Act 32 of 1994, Section 60, for Section 61 (w.e.f. 13.5.1994). ][Substituted by Act 32 of 1994, Section 60, for Section 61 (w.e.f. 13.5.1994). ][ Substituted by Act 20 of 2002, Section 124, for Clause (i) (w.e.f. 11.5.2002).].
