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of <h1>Section 129EE of Customs Act: Interest on Delayed Refunds Mandated, Rates Set by Government, Applies from 2008 Amendments.</h1> Section 129EE of the Customs Act, 1962, mandates that interest be paid on delayed refunds of amounts deposited under section 129E, following an appellate authority's order. The interest rate ranges from five to thirty-six percent per annum, as determined by the Central Government. This provision applies from the payment date until the refund date. Deposits made before the Finance (No. 2) Act, 2014, are governed by the pre-amendment provisions. Initially inserted in 2008, the section was revised in 2014 to specify interest payment conditions and timelines, aligning with section 27A for interest calculation.
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