https://www.taxtmi.com/circulars?id=7503 The prescribed interest rate for recovery of customs duty on unutilised exempt materials, in the context of regularising bonafide defaults under Para 7.28 of the Handbook of Procedures, is to be taken as simple interest. This clarification follows consultation with the revenue department and defines the operative calculation rule for regularisation of export-obligation defaults. en-us Mon, 17 Nov 1997 00:00:00 +0530 Sat, 12 Sep 2009 13:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=7503 The prescribed interest rate for recovery of customs duty on unutilised exempt materials, in the context of regularising bonafide defaults under Para 7.28 of the Handbook of Procedures, is to be taken as simple interest. This clarification follows consultation with the revenue department and defines the operative calculation rule for regularisation of export-obligation defaults. Circulars DGFT Mon, 17 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/circulars?id=7503