Reversal rate increase under Cenvat Credit Rule raises mandatory credit reversal obligation effective from June implementation. Amendment to Rule 6, sub rule (3) of the Cenvat Credit Rules, 2004 inserts the words 'seven per cent. of value of the' into clause (i) and substitutes 'seven' for 'six' in the second proviso, thereby increasing the prescribed credit reversal rate. The amendment is effected under section 37 of the Central Excise Act, 1944 and section 94 of the Finance Act, 1994 and is effective from 1st June 2015.