Settlement Commission jurisdiction limited; interest under foreign trade bond remains enforceable despite customs waivers. Settlement Commission waivers under the Customs Act do not extinguish interest liabilities created by the Indemnity cum Guarantee Bond and licence conditions under the Foreign Trade (Development and Regulation) Act for EPCG/Advance Licences issued up to 31 3 1995. DGFT treats interest on duty saved for unfulfilled export obligation as independently recoverable, issues demand notices and BG forfeiture orders, and views non compliance as actionable under FT(D&R) Act; customs formations should notify the Settlement Commission of these facts to protect revenue.
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Provisions expressly mentioned in the judgment/order text.
Settlement Commission jurisdiction limited; interest under foreign trade bond remains enforceable despite customs waivers.
Settlement Commission waivers under the Customs Act do not extinguish interest liabilities created by the Indemnity cum Guarantee Bond and licence conditions under the Foreign Trade (Development and Regulation) Act for EPCG/Advance Licences issued up to 31 3 1995. DGFT treats interest on duty saved for unfulfilled export obligation as independently recoverable, issues demand notices and BG forfeiture orders, and views non compliance as actionable under FT(D&R) Act; customs formations should notify the Settlement Commission of these facts to protect revenue.
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