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of <h1>DGFT Updates Export-Import Procedures: New Rules for Letters of Credit and Export Obligation Extensions with Fee Changes.</h1> The Director General of Foreign Trade has amended the Handbook of Procedures under the Export and Import Policy, 2002-07. The amendments include conditions for back-to-back inland letters of credit for DFRC and Advance Licence holders, allowing them to approach banks for opening such credits. Additionally, the procedure for requesting an extension of the export obligation period is revised. Licensees can apply for a six-month extension with a 1% composition fee based on unfulfilled export obligations. Further extensions may incur higher fees, with restrictions on extensions beyond 30 months and limitations for Value Based Advance Licences and cases of misrepresentation or fraud.
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