The Ministry of Finance on 30th March 2022 has published the Customs (Electronic Cash Ledger) Regulations, 2022 which shall come into force with effect from 1st June 2022.
Section 51 of of the Customs Act, 1962 states that, Every deposit made towards duty, interest, penalty, fee or any other sum payable by a person under the provisions of this Act or under the Customs Tariff Act, 1975 or under any other law for the time being in force or the rules and regulations made thereunder, using authorised mode of payment shall, subject to such conditions and restrictions, be credited to the electronic cash ledger of such person, to be maintained in such manner, as may be prescribed.
Therefore through this regulation, the manner of maintaining electronic cash ledger and the Manner of making payment from the electronic cash ledger has been notified.
The electronic cash ledger shall be maintained in FORM ECL-1 on the common portal for each person in regard to every deposit made towards duty, interest, penalty, fee or any other sum payable by the person and the deposit made in the electronic cash ledger shall not accrue any interest.
A unique identification number shall be generated at the common portal when a credit or debit, as the case may be, is made to the electronic cash ledger. Any deposit into the electronic cash ledger shall be made by a person by generating a deposit challan in FORM-ECL-2 on the common portal:
Provided that the deposit challan as so generated in FORM-ECL-2 shall be valid for a period of fifteen days.
The balance in the electronic cash ledger, after payment of duty, interest, penalty, fee or any other amount payable, may be applied for refund by the person on the common portal in FORM ECL-5. Upon receipt of application, the amount applied for from the balance shall no longer be available for use by the person and its refund shall be decided within thirty days from the date of application on the common portal and the amount to be refunded shall thereafter be credited to the bank account of the person registered with customs automated system.
