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Extension of export obligation period requires a bank guarantee covering customs duty and interest and is subject to strict eligibility. Holders of Advance Licences for physical exports issued on or after 1 April 1997 who failed to meet the original export obligation timeframe may apply for a limited extension upon submission of a Bank Guarantee covering customs duty plus interest on unutilised exempt material; the guarantee is forfeitable on non fulfilment. Applications must be filed with the original licensing authority within the prescribed window, with certificate proof where a Customs bond already exists. Extensions are barred for licences tainted by misrepresentation, fraud, or adjudicating orders, and non availing applicants will face adjudication. Exports after the notice date may discharge obligations subject to provisional Customs clearance and regularisation by composition fee where applicable.
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Provisions expressly mentioned in the judgment/order text.
Extension of export obligation period requires a bank guarantee covering customs duty and interest and is subject to strict eligibility.
Holders of Advance Licences for physical exports issued on or after 1 April 1997 who failed to meet the original export obligation timeframe may apply for a limited extension upon submission of a Bank Guarantee covering customs duty plus interest on unutilised exempt material; the guarantee is forfeitable on non fulfilment. Applications must be filed with the original licensing authority within the prescribed window, with certificate proof where a Customs bond already exists. Extensions are barred for licences tainted by misrepresentation, fraud, or adjudicating orders, and non availing applicants will face adjudication. Exports after the notice date may discharge obligations subject to provisional Customs clearance and regularisation by composition fee where applicable.
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