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of <h1>Central Govt Sets New Interest Rate at 18% Under Section 11AA of Central Excise Act, Effective April 1, 2011.</h1> The Central Government, exercising powers under section 11AA of the Central Excise Act, 1944, has issued Notification No. 5/2011-Central Excise (N.T.) to fix the rate of interest at 18% per annum. This notification supersedes the previous notification No. 18/2002-Central Excise (N.T.) dated 13th May 2002, except for actions already taken under it. The new interest rate will be effective from 1st April 2011.
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