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of <h1>Customs refund applications now require 15% annual interest on delayed refunds beyond three months under 1995 regulations</h1> The Central Board of Excise & Customs issued regulations regarding customs refund applications following the Finance Bill 1995's enactment. The new provisions mandate 15% per annum simple interest on delayed customs duty refunds beyond three months. The Customs Refund Application Regulations 1995 supersede previous 1991 regulations, requiring complete applications to be acknowledged within 10 working days. Commissioners must monitor refund processing to avoid interest liability, with settlement authority restricted to Assistant Commissioner level. The circular emphasizes proper scrutiny procedures, centralized processing for efficiency, and warns that officials may be held accountable for unwarranted delays causing interest payments.
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