https://www.taxtmi.com/caselaws?id=43740 Under the EPCG scheme, the bank guarantee for clearance of imported capital goods was computed by reference to the duty saved on the goods actually imported and cleared, not on the face value of the entire licence. The court also treated the six-month period for executing the legal undertaking and furnishing the guarantee as a procedural requirement that could be relaxed where the importer substantially complied with the scheme and was willing to meet the substantive obligations. Clearance was therefore permitted subject to appropriate amendment and compliance with the exemption conditions for the imported machines. en-us Thu, 23 Sep 1993 00:00:00 +0530 Sat, 19 Jun 2010 17:13:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=43740 Under the EPCG scheme, the bank guarantee for clearance of imported capital goods was computed by reference to the duty saved on the goods actually imported and cleared, not on the face value of the entire licence. The court also treated the six-month period for executing the legal undertaking and furnishing the guarantee as a procedural requirement that could be relaxed where the importer substantially complied with the scheme and was willing to meet the substantive obligations. Clearance was therefore permitted subject to appropriate amendment and compliance with the exemption conditions for the imported machines. Case-Laws Customs Thu, 23 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=43740