Provision as to duties of excise on specified petroleum products in relation to a certain period and validation

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....e) No.G.S.R.240 (E) dated the 3rd day of May, 1997, which was issued in exercise of the powers conferred by rule 57A of the Central Excise Rules, 1944, to restrict credit of duties paid on specified petroleum products used as inputs in the manufacture of final products shall,- (a) be deemed to have, and to have always had, effect on and from the 23rd day of July, 1996; and (b) be deemed to pre....

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.... be, and to have always been, for all purposes, as validity and effectively taken or done as if the provisions of subsection (1) had been in force at all material times and such action or thing had been taken or done under the Central Excise Rules, 1944, read with the notification date the 3rd day of May, 1997, referred to in sub-section (1), and, accordingly, notwithstanding anything contained in....

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.... not been restricted but which would have been so restricted if the provisions of this section had been in force at all material time, within a period of ninety days from the date of enactment of this Bill and the event of non-payment of such credit of duties within this period, in addition to the amount of credit of such duties recoverable, interest at the rate of eighteen per cent. per annum sha....