Exporter compliance undertakings now require legal undertakings or bank-guaranteed bonds, and EPCG validity matches export obligations. Amendments require specified exporters with requisite export performance and no penalisation to furnish a Legal Undertaking, other manufacturers to furnish bond with bank guarantee for 25% of excise duty saved, and merchant exporters to furnish bond with bank guarantee for 100% of excise duty saved on indigenously procured items in lieu of imports; EPCG licences must be co-terminus with export obligation validity; DEPB post-export/re-export is barred unless DEPB rate is notified; deemed-export benefits for power, oil and gas (excluding refineries), and new refineries are conditional on certification, customs notification coverage, and procurement under ICB or limited global tender with specified limits on excise-duty refunds and benefit eligibility.
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Exporter compliance undertakings now require legal undertakings or bank-guaranteed bonds, and EPCG validity matches export obligations.
Amendments require specified exporters with requisite export performance and no penalisation to furnish a Legal Undertaking, other manufacturers to furnish bond with bank guarantee for 25% of excise duty saved, and merchant exporters to furnish bond with bank guarantee for 100% of excise duty saved on indigenously procured items in lieu of imports; EPCG licences must be co-terminus with export obligation validity; DEPB post-export/re-export is barred unless DEPB rate is notified; deemed-export benefits for power, oil and gas (excluding refineries), and new refineries are conditional on certification, customs notification coverage, and procurement under ICB or limited global tender with specified limits on excise-duty refunds and benefit eligibility.
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