Advance licence conditions expanded to allow issuance without fixed norms subject to later SALC fixation and duty adjustment. DEPB credits filed after export realisation must have FOB foreign exchange converted to rupees at the authorised dealer's prevailing buying rate on the date of realisation; the DEPB rate applies to that rupee value. Applications for credit after realisation are permitted within a limited period from the date of realisation. Advance Licences may be issued where Standard Input Output Norms are not fixed, subject to final SALC fixation within six months, with the applicant's undertaking to accept norms, pay customs duty plus interest on unutilised inputs and surrender required security; if SALC does not finalise norms within six months, the applied norms are treated as final.
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Provisions expressly mentioned in the judgment/order text.
Advance licence conditions expanded to allow issuance without fixed norms subject to later SALC fixation and duty adjustment.
DEPB credits filed after export realisation must have FOB foreign exchange converted to rupees at the authorised dealer's prevailing buying rate on the date of realisation; the DEPB rate applies to that rupee value. Applications for credit after realisation are permitted within a limited period from the date of realisation. Advance Licences may be issued where Standard Input Output Norms are not fixed, subject to final SALC fixation within six months, with the applicant's undertaking to accept norms, pay customs duty plus interest on unutilised inputs and surrender required security; if SALC does not finalise norms within six months, the applied norms are treated as final.
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