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<h1>CBEC Lowers Interest Rate on Delayed Duty Payments to 13% Under Section 11AB of Central Excise Act</h1> The Central Board of Excise and Customs (CBEC) has issued Notification No. 66/2003-CE(N.T.) dated September 12, 2003, reducing the interest rate on delayed payment of duty to 13% per annum. This change is made under the authority of section 11AB of the Central Excise Act, 1944, and supersedes the previous notification No. 19/2002-Central Excise (N.T.) dated May 13, 2002. The new interest rate applies to all relevant cases except for actions completed or omitted before this notification. This notification was later superseded by notification no. 6/2011 CE(NT) effective from April 1, 2011.