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of <h1>Pharmaceutical Units No Longer Need Drug Licence for EPCG; Must Submit Within 3 Years to Avoid Penalties.</h1> The circular from the Director General of Foreign Trade (DGFT) states that pharmaceutical units are no longer required to submit a Drug Manufacturing Licence when applying for Export Promotion Capital Goods (EPCG) Authorizations. Previously, a 100% Bank Guarantee was required in lieu of the licence. Now, pharmaceutical units must submit a copy of the Drug Manufacturing Licence to the relevant Regional Authority within three years of receiving the EPCG Authorization. Failure to do so will result in the forfeiture of the Bank Guarantee or Legal Undertaking, and the firm will be liable to pay saved Customs Duty with interest.
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