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of <h1>Finance Bill 2011: New Section Replaces Customs Act Sections 28AA & 28AB, Sets Interest on Delayed Duty Payments.</h1> Clause 42 of the Finance Bill, 2011, proposes replacing sections 28AA and 28AB of the Customs Act with a new section concerning interest on delayed duty payments. Under the new section, individuals liable to pay customs duty must also pay interest at a rate between 10% and 36% per annum, as determined by the Central Government. Interest accrues from the month following the due date or erroneous refund until payment. However, no interest is payable if the duty arises from a Board directive and is paid voluntarily within 45 days, without any appeal rights reserved.
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