Interest on delayed customs refunds: government fixed rate payable from deposit date until refund is made. Section 129EE mandates payment of interest on amounts deposited under section 129E that are subsequently ordered refunded by an appellate authority; interest accrues from the date of payment of the deposit until the date of refund at a rate fixed by the Central Government by notification within the prescribed floor and ceiling. A transitional provision maintains that deposits made prior to the commencement of the amending Act continue to be governed by the earlier version of section 129EE.
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Interest on delayed customs refunds: government fixed rate payable from deposit date until refund is made.
Section 129EE mandates payment of interest on amounts deposited under section 129E that are subsequently ordered refunded by an appellate authority; interest accrues from the date of payment of the deposit until the date of refund at a rate fixed by the Central Government by notification within the prescribed floor and ceiling. A transitional provision maintains that deposits made prior to the commencement of the amending Act continue to be governed by the earlier version of section 129EE.
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