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of <h1>New Circular Enforces Strict Verification for Export Obligation Schemes, Ensures Compliance and Timely Reporting of Discrepancies.</h1> The circular outlines a verification mechanism for monitoring export obligations under duty exemption and reward schemes, including Advance Authorization, Duty Free Import Authorization (DFIA), and Export Promotion Capital Goods (EPCG) schemes. It mandates customs authorities to verify installation certificates and export obligations, conduct random checks on authorizations, and ensure the genuineness of duty credit scrips. Non-compliance may lead to revenue safeguarding actions. The document emphasizes timely verification and reporting of discrepancies, with the possibility of full verification if misuse is suspected. These procedures aim to streamline the redemption of bonds and bank guarantees under these schemes.
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