Interest Rate Adjusted from 8% to 6% Under Section 11BB of Central Excise Act via New Notification

Notification No. 17/2002-CE(N.T.), dated 13/05/2002, issued by the Central Government under section 11BB of the Central Excise Act, 1944, supersedes Notification No. 24/2001-CE(N.T.), dated 11/05/2001. It sets the interest rate at eight percent per annum for relevant purposes. However, this notification was later superseded by Notification No. 67/2003-CE(N.T.), dated 12/09/2003, which adjusted the interest rate to six percent per annum.

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