Collection of repealed cess proceeds must be collected or paid into Reserve Bank for credit to Consolidated Fund. Despite repeal of the Research and Development Cess Act, 1986, proceeds of duties levied immediately before commencement must be either paid by collecting agencies into the Reserve Bank of India if already collected, or collected and paid into the Reserve Bank if not yet collected, for credit to the Consolidated Fund of India.
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Provisions expressly mentioned in the judgment/order text.
Collection of repealed cess proceeds must be collected or paid into Reserve Bank for credit to Consolidated Fund.
Despite repeal of the Research and Development Cess Act, 1986, proceeds of duties levied immediately before commencement must be either paid by collecting agencies into the Reserve Bank of India if already collected, or collected and paid into the Reserve Bank if not yet collected, for credit to the Consolidated Fund of India.
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