Licensing Authority can extend export obligations by four months with 1% penalty on unfulfilled FOB value. No penalty if met prior.

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....Imposition of penalty - delay in fulfilling export obligation - after the amendment, Licensing Authority may grant extension in fulfilling the export obligation by a period of four months against one or more consignment/sight on payment of penalty of 1% on the unfulfilled FOB value of export obligation - but the export obligations being fulfilled prior thereto - No penalty.....