Dear Sirs,
Our shipment is under EPCG clearance, but due to fluctuation in exchange rate we have a short fall of duty amount in EPCG License even after considering the 10% enhancement in duty save amount.
Except these options - 1) Amendment in EPCG License for enhancement of duty , 2) Payment of excess duty to Customs.
Is there any other option ?. for eg. Executing of Bank Guarantee with Customs for the excess duty amount, or any thing else
EPCG License Duty Shortfall: Options Include License Amendment or Paying Excess Duty; Exploring Bank Guarantee Solution A query was raised regarding a shortfall in duty amount under an EPCG license due to exchange rate fluctuations, despite a 10% enhancement in the duty saved amount. The options considered were amending the EPCG license for duty enhancement or paying the excess duty to Customs. The inquirer sought alternative solutions, such as executing a bank guarantee for the excess duty amount. A respondent asked if the issue had been clarified, indicating a need for further discussion or resolution. (AI Summary)
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