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of <h1>India Sets New 15% Interest Rate Under Central Excise Act, Section 11AA, Effective April 1, 2016.</h1> The Government of India, through the Ministry of Finance, has issued Notification No. 15/2016 under the Central Excise Act, 1944, setting the interest rate at fifteen percent per annum as per section 11AA. This supersedes the previous notification No. 5/2011, while maintaining the validity of actions taken under it before the supersession. The new interest rate will be effective from April 1, 2016.
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