Special Import Licence settlement by monetary replacement permits regularising audit objections instead of licence surrender. Where audit objections would have required surrender of Special Import Licence, such cases may be settled by payment equal to one per cent of the SIL value to be surrendered. Regional offices of the Directorate General of Foreign Trade shall effect settlement by receipt deposited at the authorised branch of the Central Bank of India under the specified Foreign Trade and Export Promotion account head, applying where instructions permit surrender and SIL is defunct.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Special Import Licence settlement by monetary replacement permits regularising audit objections instead of licence surrender.
Where audit objections would have required surrender of Special Import Licence, such cases may be settled by payment equal to one per cent of the SIL value to be surrendered. Regional offices of the Directorate General of Foreign Trade shall effect settlement by receipt deposited at the authorised branch of the Central Bank of India under the specified Foreign Trade and Export Promotion account head, applying where instructions permit surrender and SIL is defunct.
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