[38-A. (1) Where any excise revenue has not been paid within three months from the date on which it become payable, interest at such rate not exceeding twenty-four per cent per annum, as may be prescribed, shall be payable from the date such excise revenue becomes payable till the date of actual payment ;
Provided that until a higher rate is prescribed, the rate of interest will be eighteen per cent per annum ;
Provided further that in respect of an excise revenue which became payable before the commencement of the Uttar Pradesh Excise (Amendment) Act, 1985 interest at the said rate shall be payable from the date of such commencement if the excise revenue is not paid within 3 months of the said date.
Explanation :— Nothing in this sub-section shall be construed to affect the payment of interest under an agreement, the terms of an auction or, a decree of the court, passed before the date of commencement of the Uttar Pradesh Excise (Amendment) Act, 1985 or which may be passed after the date of such commencement in suits or proceedings filed before the said date.
(2) Provisions of section 39 shall mutatis mutandis apply to realization of such interest as they apply to realization of excise revenue.]