https://www.taxtmi.com/circulars?id=7502 Revalidation and extension of Advance Licences under the Duty Exemption Scheme permit pro rata reduction of export obligations where shortfall does not exceed fifteen percent and no imports occurred, with fulfilment measured against the reduced obligation. Further extension of the obligation period attracts a penalty on the unfulfilled FOB value as prescribed by Public Notice No.38, but no penalty applies where value obligations are met and only quantity remains outstanding. Public Notice No.38 applies to Chapter 7 licences issued under EXIM Policy 1992-97 on or before the stated cut off and also covers Special Imprest Licences, subject to project contractual duration and EXIM guidelines. en-us Mon, 03 Nov 1997 00:00:00 +0530 Sat, 12 Sep 2009 13:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=7502 Revalidation and extension of Advance Licences under the Duty Exemption Scheme permit pro rata reduction of export obligations where shortfall does not exceed fifteen percent and no imports occurred, with fulfilment measured against the reduced obligation. Further extension of the obligation period attracts a penalty on the unfulfilled FOB value as prescribed by Public Notice No.38, but no penalty applies where value obligations are met and only quantity remains outstanding. Public Notice No.38 applies to Chapter 7 licences issued under EXIM Policy 1992-97 on or before the stated cut off and also covers Special Imprest Licences, subject to project contractual duration and EXIM guidelines. Circulars DGFT Mon, 03 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/circulars?id=7502