EODC for Advance Authorisation - Physical Export

[BRIJMOHAN GOYAL]

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

AI Summary

Regularization of bona fide default: pay customs duty or use duty credit scrips and remit prescribed CIF levy to regularize export shortfall.
If an Advance Authorization meets export obligation by value but is short in quantity, the Regional Authority may regularize the bona fide default only if the holder pays customs duty on the unutilized value with interest (or furnishes valid duty credit scrips), remits a prescribed percentage of the CIF value of unutilized imported material via treasury receipt to the designated head account, and obtains a separate authorization for excess imported input; this regularization is not required where the unutilized material was freely importable on import date.