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of <h1>Central Government Amends Customs Notification to Modify Annual Advance Licence Provisions Under Customs Act, 1962</h1> The Central Government has amended Notification No. 48/99-Customs to modify provisions related to the Annual Advance Licence under the Customs Act, 1962. The amendment, effective from May 30, 2001, introduces a proviso allowing holders of an Annual Intermediate Licence to fulfill export obligations by supplying products to ultimate exporters with an Annual Advance Licence, as per the Export and Import Policy 1997-2002. Additionally, the definition of Annual Advance Licence now includes those for intermediate supply, aligning with the Export and Import Policy. These changes aim to enhance the flexibility and efficiency of export obligations.
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