NTF. NO. 20/2007-CE(N.T.), DT. 19/04/2007

For non fulfillment export interest rate reduced to 13% instead of 24%
In exercise of the powers conferred by rule 19 of the Central Excise Rules, 2002, the Central Government hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue, No. 42/2001-CE (N.T) dated the 26 th June, 2001 published in the Gazette of India, Extraordinary, No. 471(E), dated the 26 th June, 2001(hereinafter referred to as the said notification), namely:-

In the said notification,

i) in paragraph 2, in clause (v), in sub-clause (b), for the words “interest at the rate of twenty four percent per annum”, the words “interest prescribed under section 11AB of the Central Excise Act, 1944” shall be substituted.

ii) in Annexure-II, in clause (d), for the words “ twenty four percent interest per annum”, the words “interest prescribed under section 11AB of the Central Excise Act, 1944” shall be substituted.

[F.No. 201/46/2006-CX.6]

(Rahul Nangare)
Under Secretary to the Government of India

Note: The principal notification No. 42/2001-CE(NT) dated the 26 th June, 2001 was published in the Gazette of India, Extraordinary, vide number G.S.R. 471(E) dated the 26 th June, 2001 and was last amended vide notification No. 18/2007-CE(N.T.), dated the 8 th March, 2007 vide number G.S.R. 183(E), dated the 8 th March, 2007.

(Please refer NTF. NO. 25/2007-CE(N.T.), DT. 25/04/2007 for procedure for claiming refund of unutilised CENVAT credit)

Presented by eximkey.com