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of <h1>Government Sets 24% Annual Interest Rate Under Section 47(2) of Customs Act, Superseding Previous Notification</h1> The notification issued by the Government of India's Ministry of Finance, Department of Revenue, dated May 12, 2000, establishes a fixed interest rate of twenty-four percent per annum under section 47(2) of the Customs Act, 1962. This supersedes the previous notification No. 17/2000-Customs (N.T.) dated March 1, 2000, except for actions already taken under the previous notification.
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