Denomination of export obligations and late cut regime govern currency reporting and penalties for delayed FTP benefit applications.

The Chapter prescribes that authorisations and licences must state CIF/FOB values in rupees and freely convertible currencies and that remittance and discharge of export obligations be in freely convertible currency except where specific schemes require ACU dollars or Indian rupees. It establishes a graduated late cut regime for delayed benefit applications, rules for supplementary claims with limited exceptions, duties to furnish information and maintain consumption registers, time limits for application disposal, counter assistance for filings, grievance mechanisms, and DGFT's general review power.

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