Interest rate for customs liabilities now set within a government specified notified range, changing the source of fixation. Amendment to section 59 replaces the previous provision permitting a fixed six percent per annum or a rate fixed by the Board with a provision authorizing the Central Government, by notification in the Official Gazette, to specify a minimum and maximum rate within a prescribed band for the interest applicable under sub section (1)(b)(ii) of the Customs Act.
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Interest rate for customs liabilities now set within a government specified notified range, changing the source of fixation.
Amendment to section 59 replaces the previous provision permitting a fixed six percent per annum or a rate fixed by the Board with a provision authorizing the Central Government, by notification in the Official Gazette, to specify a minimum and maximum rate within a prescribed band for the interest applicable under sub section (1)(b)(ii) of the Customs Act.
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