Revalidation and Extension in Export Obligation Period of Advance Licences issued under Duty Exemption Scheme

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.... Obligation Period of Advance Licences -Transitional Arrangements in respect of Advance Licences issued prior to 28/2/95 Subject: Revalidation and Extension in Export Obligation Period of Advance Licences issued under Duty Exemption Scheme. Attention is invited to Public Notice No.6 (PN)/1997-2002 dated 10th April, 1997 wherein it has been provided that the licences issued on or after 1.10.....

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....Trade by exercising the powers conferred upon him under Paragraph 4.11 of Export and Import Policy 1997-2002 makes the following arrangements in respect of advance licences issued prior to 28.2.95 : * Wherever 100% exports have been completed upto the date of issuance of this Public Notice and no import has been effected or part import has been effected, revalidation of such advance licence (Qu....

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....sed Advance Licences where export obligation has not been completed, last extension upto 31.12.1997 will be allowed. In such cases, the extension will be subject to payment of an amount equivalent to a penalty of 5% on the unfulfilled value of export obligation. * In respect of Value Based Advance Licences where expor1 obligation has been completed to an extent of a minimum of 50% of the export....