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of <h1>Central Government rescinds deemed credit rate for textile fabrics under Chapter 59, effective March 1, 2002, per Rule 11.</h1> The Central Government has rescinded Notification No. 55/2001-Central Excise (N.T.), which prescribed the rate of deemed credit for textile fabrics under Chapter 59 of the Central Excise Tariff. This decision, effective from March 1, 2002, is made under the authority of Rule 11 of the CENVAT Credit Rules, 2002, and is deemed necessary in the public interest. The original notification was issued on June 29, 2001, by the Ministry of Finance's Department of Revenue and published in the Gazette of India.
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