Request for closure of Advance Authorisation licenses issued as per Para 4.16(a) of FTP, pending for want of payment to be received from Foreign Currency Account
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Advance Authorisation payments must be made from foreign currency accounts; non compliance attracts liability under FTDR Act. Advance Authorisation licences under Para 4.16(a) require suppliers to be paid from the unit's foreign currency account where payment is pending; SEZ units are directed to make such payments and warned that failure to do so will attract liability under FTDR Act, 1992.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Advance Authorisation payments must be made from foreign currency accounts; non compliance attracts liability under FTDR Act.
Advance Authorisation licences under Para 4.16(a) require suppliers to be paid from the unit's foreign currency account where payment is pending; SEZ units are directed to make such payments and warned that failure to do so will attract liability under FTDR Act, 1992.
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