Central Government may, by notification in the Official Gazette, allow in respect of such like
article under clause (2) of the said Explanation.
Explanation.—Where on any imported article more than one retail sale price is declared, the
maximum of such retail sale price shall be deemed to be the retail sale price for the purposes of this
62. The First Schedule to the Customs Tariff Act, shall be amended in the manner specified in the
63. In the Central Excise Act, 1944 (hereinafter referred to as the Central Excise Act), in section
11A, in sub-section (2B), after Explanation 2, the following Explanation shall be inserted, namely:—
“Explanation 3.— For the removal of doubts, it is hereby declared that no penalty under any of the
provisions of this Act or the rules made thereunder shall be imposed in respect of payment of duty
under this sub-section and interest thereon.”.
64. In section 32E of the Central Excise Act, in sub-section (1), for the words “but excluding the
goods in respect of which no proper record has been maintained by the assessee in his daily stock
register”, the words “or otherwise” shall be substituted.
65. In section 32F of the Central Excise Act, in sub-section (6), the following proviso shall be inserted,
“Provided that the period specified under this sub-section may, for reasons to be recorded in
writing, be extended by the Settlement Commission for a further period not exceeding three months.”.
66. In section 32-O of the Central Excise Act,—
(a) in sub-section (1),—
(i) the words, figures and letters “before the 1st day of June, 2007” shall be omitted;
(ii) in clause (i), after the words, brackets, figures and letter “sub-section (7) of section 32F”,
the words, figures, brackets and letter “, as it stood immediately before the commencement of
section 122 of the Finance Act, 2007 or sub-section (5