https://www.taxtmi.com/caselaws?id=47944 Interest payable under a bond for export obligation default is a contractual liability, and it remains enforceable despite settlement of the customs duty. A later public notice reducing the agreed rate to 15% for pending EO default cases was considered, but it did not give the Settlement Commission power to further reduce the interest or grant immunity from that liability. The existence of a different order in another matter did not alter the legal position where the bond obligation remained binding. The challenge to the 15% interest therefore failed, and the reduced rate was left undisturbed. en-us Thu, 28 Sep 2006 00:00:00 +0530 Sat, 31 Jul 2010 17:10:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=47944 Interest payable under a bond for export obligation default is a contractual liability, and it remains enforceable despite settlement of the customs duty. A later public notice reducing the agreed rate to 15% for pending EO default cases was considered, but it did not give the Settlement Commission power to further reduce the interest or grant immunity from that liability. The existence of a different order in another matter did not alter the legal position where the bond obligation remained binding. The challenge to the 15% interest therefore failed, and the reduced rate was left undisturbed. Case-Laws Customs Thu, 28 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=47944