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of <h1>India Sets Customs Interest Rate at 24% Annually Under Section 28AB, Updating Previous Notification</h1> The Government of India, through the Ministry of Finance, issued Notification No. 33/2000-Customs (N.T.) on May 12, 2000, setting the interest rate at 24% per annum under Section 28AB of the Customs Act, 1962. This notification supersedes the previous Notification No. 16/2000-Customs (N.T.) from March 1, 2000, except for actions completed or omitted before this change. This adjustment was published in the Gazette of India, underlining the central government's authority to modify interest rates for customs-related matters.
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