Paritial Invalidation of Advance License

[Prashanth Bhat]

The importer has obtained 100 tons advance license for import and has already imported 40 tons. Now 25 tons need to be purchased from a domestic supplier against this advance license after invalidation, can the importer invalidate the partial quantity of only 25 tons and be left with 35 tons for direct import ?

[MUKUND THAKKAR]

Dear prashanth,

You can ...

 

AI Summary

Partial invalidation of advance import license questioned; impact on remaining import entitlement and customs compliance to be determined. Whether an importer may effect partial invalidation of an advance import license is posed where a license has been partly utilised and the importer proposes to invalidate a portion of the remaining entitlement while retaining the balance; the core issues are permissibility of segregated invalidation, status of residual entitlement, and required customs and licensing formalities to record the change.