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<h1>India Sets Customs Interest Rate at 15% Per Annum u/s 28AA, Effective April 1, 2016.</h1> The Government of India, through the Ministry of Finance's Department of Revenue, issued Notification No. 33/2016 - Customs (N.T.), setting the interest rate at fifteen percent per annum under section 28AA of the Customs Act, 1962. This notification supersedes the previous Notification No. 17/2011-Cus (N.T.) dated March 1, 2011, except for actions completed or omitted before this change. The new interest rate will be effective from April 1, 2016.
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