Payment of interest on delayed refund of Duty Drawback / TED on deemed exports

8.5

In accordance with Para 8.5.1 of Foreign Trade Policy, simple interest @ 6% per annum is payable in the case of delayed refund of Duty drawback and TED under deemed export if the claim which has become due on or after 01.04.2007, is not settled within 30 days after its final approval by the Regional Authorities. This period of 30 days will be reckoned from the date of approval of the case by the Regional Authority and communicated to the firm through a standard letter. The application for claiming interest shall be filed in prescribed Aayaat Niryaat Form within a period of 90 days after receipt of cheque for the main claim. The Regional Authorities will issue a separate cheque for payment of interest and also maintain accounts separately.

The claim for interest may be filed before the concerned Regional Authority/ Development Commissioner in Aayat Niryat Form ANF- 8A.

(Above para has been added vide PN. NO. 10/2008, DT. 29/04/2008)