https://www.taxtmi.com/forum/issue?id=3336 Import under the EPCG Scheme creates an export obligation; failure to meet it leaves customs and ancillary duty liabilities on the imported machinery. A respondent states that a purchaser of machinery sold by the bank under the SARFAESI Act will have to pay customs and other duties with interest. Parties should determine who has the first charge on the machinery and consult Central Excise, Customs, DGFT and legal counsel to clarify charge priority and mechanisms to regularise EPCG obligations before or upon sale. en-us Tue, 30 Aug 2011 18:55:11 +0530 Thu, 23 Jan 2025 15:58:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=3336 Import under the EPCG Scheme creates an export obligation; failure to meet it leaves customs and ancillary duty liabilities on the imported machinery. A respondent states that a purchaser of machinery sold by the bank under the SARFAESI Act will have to pay customs and other duties with interest. Parties should determine who has the first charge on the machinery and consult Central Excise, Customs, DGFT and legal counsel to clarify charge priority and mechanisms to regularise EPCG obligations before or upon sale. Discussion-Forum Customs Tue, 30 Aug 2011 18:55:11 +0530 https://www.taxtmi.com/forum/issue?id=3336