Revalidation and extension of advance licences: pro rata reduction allowed; penalty applies to unfulfilled export value. Revalidation and extension of Advance Licences under the Duty Exemption Scheme permit pro rata reduction of export obligations where shortfall does not exceed fifteen percent and no imports occurred, with fulfilment measured against the reduced obligation. Further extension of the obligation period attracts a penalty on the unfulfilled FOB value as prescribed by Public Notice No.38, but no penalty applies where value obligations are met and only quantity remains outstanding. Public Notice No.38 applies to Chapter 7 licences issued under EXIM Policy 1992-97 on or before the stated cut off and also covers Special Imprest Licences, subject to project contractual duration and EXIM guidelines.
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.
Revalidation and extension of advance licences: pro rata reduction allowed; penalty applies to unfulfilled export value.
Revalidation and extension of Advance Licences under the Duty Exemption Scheme permit pro rata reduction of export obligations where shortfall does not exceed fifteen percent and no imports occurred, with fulfilment measured against the reduced obligation. Further extension of the obligation period attracts a penalty on the unfulfilled FOB value as prescribed by Public Notice No.38, but no penalty applies where value obligations are met and only quantity remains outstanding. Public Notice No.38 applies to Chapter 7 licences issued under EXIM Policy 1992-97 on or before the stated cut off and also covers Special Imprest Licences, subject to project contractual duration and EXIM guidelines.
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