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of <h1>Central Government sets 18% annual interest rate under section 28AB of Customs Act, 1962, effective April 1, 2011.</h1> The Central Government, exercising powers under section 28AB of the Customs Act, 1962, has issued Notification No. 18/2011-Customs (N.T.) dated March 1, 2011, setting the rate of interest at 18% per annum. This supersedes the previous notification No. 76/2003-Customs (N.T.) from September 12, 2003, except for actions taken prior to the supersession. The new interest rate will be effective from April 1, 2011.
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