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[Cites 0, Cited by 45] [Entire Act]

Union of India - Section

Section 75A in The Customs Act, 1962

75A. [ Interest on drawback. [Inserted by Act 22 of 1995, Section 62 (w.e.f. 26-5-1995). ]

(1)Where any drawback payable to a claimant under section 74 or section 75 is not paid within a [period of [one month] from the date of filing a claim for payment of such drawback, there shall be paid to that claimant in addition to the amount of drawback, interest at the rate fixed under section 27-A from the date after the expiry of the said [period of [one month] [Substituted by Act 8 of 1999, Section 2, for " period of three months" and " three months" , respectively (w.e.f. 8-1-1999). ] till the date of payment of such drawback.
Proviso omitted by Act 32 of 2003, Section 115 (w.e.f. 14-5-2003). Prior to its omission, the proviso read as under:-" Provided that where any drawback, ordered to be paid under Section 74 or Section 75 in respect of a claim under any of the said sections filed before the date on which the Finance Bill, 1995 receives the assent of the President, is not refunded within three months from such date, there shall be paid to the applicant interest under this Section from the date immediately after three months from such date, till the date ofrefund of such drawback" .
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Substituted by Act 22 of 2007, Section 98, for sub-Section (2) (w.e.f. 11-5-2007). Prior to its substitution, sub-Section (2) read as under:-" (2) Where any drawback has been paid to the claimant erroneously, the claimant shall, within a period of two months from the date of demand, pay in addition to the said amount of drawback, interest at the rate fixed under Section 28-AA from the date after the expiry of the said period of two months till the date of recovery of such drawback." .
(2)Where any drawback has been paid to the claimant erroneously or it becomes otherwise recoverable under this Act or the rules made thereunder, the claimant shall, within a period of two months from the date of demand, pay in addition to the said amount of drawback, interest at the rate fixed under section 28-AB and the amount of interest shall be calculated for the period beginning from the date of payment of such drawback to the claimant till the date of recovery of such drawback.