Dear All,
We had taken Advance License for import of Raw material and components against Physical Export Order. We had executed the order in time . During EODC, EO is fulfilled in terms of Value but in terms of qty, Out of 4 nos. items , short fall is by 1 no. only.
So, Please advise how to regularize AA in this case.
B M GOYAL
Advance License Shortfall: Regularize by Paying Customs Duty or Using Duty Credit Scrips, Plus 3% CIF Value. An individual inquired about regularizing a shortfall in quantity under an Advance License for importing raw materials for a physical export order. The export obligation was met in terms of value but not quantity, with a shortfall of one item. A response advised that such bona fide defaults can be regularized by paying customs duty on the unutilized value of imported materials, along with interest, or using valid duty credit scrips. Additionally, a 3% payment of the CIF value of unutilized material is required, unless the material was freely importable at the time of import. (AI Summary)
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