Penalty on export obligation

[Sandeep Jain]

Export Obligation delayed by 36months against import under advance import licence in 1998. The export was done in 2003. Please let me know what will be the penalty levied by DGFT. Also guide the way out to the issue. Thanks..Sandeep Jain 9322222552/9867222552

AI Summary

Penalties for 36-Month Export Delay: Up to 5x Goods Value Under Section 11, FTDR Act 1992, Plus Reversal of Benefits. A query was raised regarding the penalty for a 36-month delay in fulfilling an export obligation under an advance import license from 1998, with the export completed in 2003. The response indicated that penalties could be up to five times the value of the goods, as per Section 11 of the Foreign Trade (Development and Regulation) Act, 1992. Additionally, it was advised to reverse all benefits and exemptions received under the export obligation, with applicable interest and penalties.