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of <h1>New Procedure for Faster Customs Duty Payment for Authorization Holders with Export Obligation Defaults Announced by Finance Ministry.</h1> The Ministry of Finance has introduced a procedure to facilitate quicker payment of customs duty for authorization holders (AH) who default on export obligations under Advance or EPCG authorizations. This aims to reduce interest costs by allowing AHs to self-calculate and pay the duty and interest while awaiting detailed calculations from the Regional Authority. AHs can deposit the calculated amount in cash or use a valid duty credit scrip, ensuring records are updated. Once the RA provides final calculations, any balance can be settled. The procedure will be publicized, and any implementation issues should be reported to the Board.
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