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of <h1>Interest Rate on Warehoused Goods Set at 24% Annually Under Section 59 of Customs Act, 1962; Effective March 1, 2000.</h1> The notification sets the interest rate on warehoused goods at 24% per annum, effective from March 1, 2000. This is established under the authority granted by sub-clause (ii) of clause (b) of sub-section (1) of section 59 of the Customs Act, 1962. It supersedes the previous notification No. 82/91-Customs (N.T) dated December 23, 1991, issued by the Government of India's Ministry of Finance, Department of Revenue. The Central Board of Excise and Customs is responsible for implementing this change.
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