The principal notification was published in the Gazette of India vide notification No. 61/94-Customs (NT), dated the 21st November, 1994 [S.O.828 (E), dated the 21st November, 1994] and last amended by notification No. 56/2000-Customs (NT), dated the 21st September, 2000.
Difficulties, if any, in implementation of these instructions, may be brought to the notice of the Board. Kindly acknowledge receipt of this Circular.
8A Penal rate of interest.- A penal rate of interest of eighteen percent shall be paid for the overdue period in case of public deposits matured and claimed but remaining unpaid. In case of deposit made by a small depositor, the penal rate of interest shall be twenty per cent. compoundable on an annual basis.
