Export obligation compliance requires bonds with bank guarantees and monitoring, with duty recovery for periodic shortfalls. Importers under the EPCG Scheme must execute bonds with bank guarantees and meet prescribed export obligations year wise or block wise; failure to meet periodic minima results in recovery of proportionate duty foregone or, upon continued shortfall, liability for the entire duty foregone. The Commissioner of Customs where the licence is registered is responsible for monitoring compliance, maintaining registers and records, verifying that imported assemblies constitute complete capital goods, and ensuring exporters produce licencing authority certificates evidencing discharge of obligations.
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.
Export obligation compliance requires bonds with bank guarantees and monitoring, with duty recovery for periodic shortfalls.
Importers under the EPCG Scheme must execute bonds with bank guarantees and meet prescribed export obligations year wise or block wise; failure to meet periodic minima results in recovery of proportionate duty foregone or, upon continued shortfall, liability for the entire duty foregone. The Commissioner of Customs where the licence is registered is responsible for monitoring compliance, maintaining registers and records, verifying that imported assemblies constitute complete capital goods, and ensuring exporters produce licencing authority certificates evidencing discharge of obligations.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
