Penalty on export obligation

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....enalty on export obligation<br> Query (Issue) Started By: - Sandeep Jain Dated:- 11-8-2009 Last Reply Date:- 17-8-2009 Customs - Exim - SEZ<br>Got 1 Reply<br>Customs<br>Export Obligation delayed by 36....

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....months against import under advance import licence in 1998. The export was done in 2003. Please let me know what will be the penalty levied by DGFT. Also guide the way out to the issue. Thanks..Sandee....

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....p Jain 9322222552/9867222552 Reply By Rama Krishana: The Reply: Penalties for contravention of the provision of foreign trade policy may be levied upto 5 times of the value of goods - see Section 11....

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.... of Foreign Trade (Development and Regulation) Act, 1992. On the otherside, you need to reverse all the benefits and exemption availed against export obligation under respective notifications or polic....

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....ies with interest and penalties under respective provisions.<br> Discussion Forum - Knowledge Sharing ....