Customs interest rate authority shifted to Central Government; applicable rate range increased and notified in Official Gazette. Amendment to section 47 substitutes the existing sub-section wording so that the applicable interest rate shall be fixed by the Central Government by ... Summary
Customs interest rate authority shifted to Central Government; applicable rate range increased and notified in Official Gazette.
Amendment to section 47 substitutes the existing sub-section wording so that the applicable interest rate shall be fixed by the Central Government by notification in the Official Gazette, and the permissible annual rate range is increased by replacing the prior lower and upper bounds with higher minimum and maximum bounds.
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