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of <h1>Finance Act 2001: Customs Notifications Amended for Export Obligation Extensions Until March 31, 2002; Shortfall Condoned.</h1> The Eighth Schedule of the Finance Act, 2001, outlines amendments to customs notifications regarding the extension of periods for fulfilling export obligations. These amendments allow the licensing authority to extend the export obligation period, provided conditions specified in a Public Notice by the Ministry of Commerce are met. However, extensions cannot go beyond March 31, 2002. Additionally, a shortfall in export obligations, not exceeding 5%, can be regularized and condoned by customs officials. These provisions apply to notifications dated May 3, 1990, April 20, 1992, December 28, 1992, and May 14, 1993.
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