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of <h1>India Sets Interest Rate for Delayed Customs Refunds at 9% per Annum Under Section 27A of Customs Act</h1> The Central Government of India, under the powers conferred by section 27A of the Customs Act, 1962, has issued Notification No. 21/2001-Customs (N.T.) dated 11th May 2001. This notification supersedes the previous Notification No. 36/2000-Customs (N.T.) dated 12th May 2000. The new notification sets the interest rate for delayed refunds at nine percent per annum. This change is officially documented by the Ministry of Finance, Department of Revenue, and communicated by the Under Secretary to the Government of India.
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