TaxTMI 
TaxTMI 
Mandatory returns - Validity Of Import Licence/Certificate/ Permissions/ CCPS
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...., the Director General of Foreign Trade hereby makes the following amendment(s) in the Handbook of Procedures (Vol. I):- 1. Para 2.9.5 is amended to read as under- "Each IEC holder (barring those who have obtained IEC in the preceding licensing year i.e 1.4.2003 to 31.3.2004) shall be required to furnish yearly details of imports/exports made by him in the preceding licensing year by 31st De....
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....ead as under- "However, revalidation of freely transferable licence/certificate/permissions and stock and sale licence/certificate/permission shall not be permitted unless the licence/ certificates/ permissions have expired while in custody of the Customs authority/ licencing authority." 5. Para 2.12.2 is amended to read as under- "The period of validity means the period for shipment/ dis....
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....under the scheme has actually been utilized for import of a value in excess of 10% of the CIF value of the licence, licence shall be deemed to have been enhanced by that proportion. The Customs shall automatically allow the clearance of goods in excess of 10% of the licence value without endorsement by the licensing authority. In such cases, the licence holder shall furnish additional fee to co....
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.... "The licensing authority may also issue Advance licences, where SION are not fixed, based on self declaration and an undertaking by the applicant for a final adjustment as per Adhoc/SION fixed by ALC. However, no Advance Licence for import of horn, hoof and other organ of animal, or for any item for which DGFT may so notify, shall be issued under Paragraph 4.7 by the licensing authority. For e....