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of <h1>Customs Duty on Unused Materials Requires 15% Interest; Export Obligation Extensions Set with Specific Conditions.</h1> The circular issued by the Director General of Foreign Trade amends the Handbook of Procedures under the Export and Import Policy, 2002-07. It stipulates that customs duty on unutilized materials or shortfalls in export obligations under various licensing schemes must be paid with 15% annual interest. Extensions for export obligations are granted under specific conditions, such as submitting a bank guarantee, with deadlines for applications set for August 22, 2003. The document also addresses extensions for areas affected by the Gujarat earthquake and corrects previous public notice provisions. Misrepresentation or fraud cases are excluded from extensions.
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