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of <h1>New Facility Allows Firms to Settle Export Obligation Defaults Under EPCG Schemes by March 31, 2014.</h1> A one-time facility for regularizing export obligation default cases has been announced, allowing firms to settle pending defaults under Duty Exemption and EPCG Schemes. As per Public Notice No.22 dated 12.08.2013, defaults can be resolved by paying the applicable customs duty shortfall and interest, with the interest capped at the customs duty amount. Policy Circular No.8 dated 25.10.2013 outlines the procedure for closure of these cases, applicable even to adjudicated or pending cases. Companies are urged to take advantage of this opportunity by 31.03.2014.
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