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of <h1>Exim Policy 2002-07 Updates: Key Changes in Advance License, DFRC, DEPB, and EPCG Schemes to Simplify Trade Procedures.</h1> The Exim Policy 2002-07 introduced changes to the Advance License, DFRC, DEPB, and EPCG Schemes to address trade demands and procedural issues. The Advance License Scheme now disallows the Annual Advance License and abolishes the DEEC Book, requiring verification of exports in certain cases. The DFRC Scheme removed the requirement for input quality correlation, except for specific items, and maintains input quantity permissions per SION. The DEPB Scheme now issues scrips post-export and allows excise duty paid in cash on inputs to be eligible for drawback. The EPCG Scheme maintains an 8-year EO period for licenses under Rs. 100 crores and 12 years for higher values, with provisions for EO fulfillment through exports of goods manufactured from imported capital goods. Each scheme's procedural requirements remain largely unchanged, with modifications operationalized through specific customs notifications.
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