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

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.... to Public Notice No. 38 (PN) 1997 -2002 dated 1 st September 1997 And 40 (PN) 1997-2002 dt. 9th September, 1997 and Policy Circular No. 19/97-98 dated 1st September 1997 on the subject mentioned above. 2. After issuance of aforesaid Public Notices, references have been received from Regional Licensing Authorities seeking clarification/guidelines for the proper implementation. The matter has be....

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....gation fulfilment means 100% of the reduced export obligation. (ii) Para 7.22 of current Handbook of procedures (Vol.1) 1997 -2002 provides for "payment of penalty of 1% on the unfulfilled fob value of export obligation" for allowing further extension in the export obligation period. Similarly, Public Notice No.38 stipulates that "Payment of an amount equivalent to a penalty of 5% on the unfulf....

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..... Hence, the Public Notice No.38 dt.1.9.97 is applicable only to advance Licences issued as per chapter-7 during the period of EXIM Policy 1992-97 and is not applicable for Licences issued prior to 1.4.1992. (iv) The Public Notice No.38 DT. 1.9.97 is applicable to Special Imprest Licence (issued under Chapter 7 of EXIM Policy 1992-97) also. In so far as the request for extension in export oblig....