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of <h1>India Sets New 24% Annual Interest Rate Under Section 59 of Customs Act, Superseding Previous Notification</h1> The Government of India, through the Ministry of Finance's Department of Revenue, issued Notification No. 35/2000-Customs (N.T.) on May 12, 2000. This notification, under the authority of section 59 of the Customs Act, 1962, supersedes a previous notification (No. 18/2000-Customs) dated March 1, 2000. It establishes a new interest rate of twenty-four percent per annum for specific purposes under the Customs Act. This change is effective immediately, except for actions completed or omitted prior to this update.
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