EOU exit debonding will be done after the final exit order?

[syed Anwar Hussain]

ours unit has got Inprinciple exit order from the Development commissioner in favour of eou exit .We have paid all customs and central excise duty as per central excise officials. we want to know wheather de bonding will be done now or after final exit order issued by Dc.We want know that wheather penalitywill be imposed on us as we done minimum export obligation is 0.70milion usd and ours export is 10 time than the imported capital goods. please give us suggestion.

AI Summary

Units Exiting EOU Scheme Must Notify Authorities, Settle Duties Before Final Debonding; No Duty-Free Imports Allowed A unit seeking to exit the Export Oriented Unit (EOU) scheme must notify the Development Commissioner and relevant Customs and Central Excise authorities. The unit should assess and settle duty liabilities, after which a 'No Objection' certificate is issued, allowing them to apply for final debonding. During this interim period, duty-free importation is not permitted. There is no minimum export obligation, only a requirement for positive Net Foreign Exchange Earnings. Duty liabilities on indigenously procured goods must be settled from the current account, and depreciation on capital goods is allowed per Customs notifications.