Central Excise Rules - Amendment to Modvat Rules

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..... makes the following rules further to amend the Central Excise Rules, 1944, namely :- 1.(1) These rules may be called the Central Excise (Amendment) Rules, 1995. (2) They shall come into force on the date of their publication in the In the said rules, in Rule 57-I of the Central Excise Rules, 1944 (hereinafter referred to as the said Rules) (i) in sub-rule (2), for the words "within 10 days of .....

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..... hin 3 months" shall be added; (c) after sub-rule (1), the following sub-rule (2) shall be inserted, namely :- "(2) where a manufacturer or an assessee fails to pay the amount disallowed in terms of sub-rule (1) within three months from the date of receipt of communication of such disallowance, he shall pay, in addition to the amount so disallowed, interest at such rate as may be fixed by the Boa .....

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..... of three months till the date of payment". 5. In Rule 173-I of the said rules, (a) in sub-rule (2), for the words "within ten days of receipt", the words "within three months from the date of receipt" shall be substituted; (b) after sub-rule (2), the following provisions shall be added, namely :- "Provided that where an assessee fails to pay the deficiency within three months from the date of .....

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