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of <h1>Central Government sets new interest rate at 18% per annum under section 11AB of Central Excise Act, 1944.</h1> The Central Government, under the authority of section 11AB of the Central Excise Act, 1944, has issued Notification No. 6/2011-Central Excise (N.T.), setting the interest rate at 18% per annum. This notification supersedes the previous notification No. 66/2003-Central Excise (N.T.) dated September 12, 2003, except for actions already taken under it. The new interest rate will be effective from April 1, 2011.
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