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of <h1>Finance Act, 2011 Omits Section 28AB of Customs Act, 1962, Ending Interest on Delayed Customs Duty Payments.</h1> Section 28AB of the Customs Act, 1962, which addressed interest on delayed payment of customs duty in special cases, was omitted by the Finance Act, 2011. Previously, it mandated that individuals liable for unpaid, short-paid, or erroneously refunded duties pay interest between 10% and 36% per annum, as determined by the Central Government. Interest was calculated from the month following the due date until payment. Exceptions included voluntary full payment within 45 days following Board directives, where no interest was charged. The provision did not apply to duties payable before the Finance Bill, 2001's enactment.
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