Interest calculation: prescribed rate treated as simple interest for regularisation of bonafide export obligation defaults under export handbook procedure. The prescribed interest rate for recovery of customs duty on unutilised exempt materials, in the context of regularising bonafide defaults under Para 7.28 of the Handbook of Procedures, is to be taken as simple interest. This clarification follows consultation with the revenue department and defines the operative calculation rule for regularisation of export-obligation defaults.
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Provisions expressly mentioned in the judgment/order text.
Interest calculation: prescribed rate treated as simple interest for regularisation of bonafide export obligation defaults under export handbook procedure.
The prescribed interest rate for recovery of customs duty on unutilised exempt materials, in the context of regularising bonafide defaults under Para 7.28 of the Handbook of Procedures, is to be taken as simple interest. This clarification follows consultation with the revenue department and defines the operative calculation rule for regularisation of export-obligation defaults.
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