NEW
Para 4.27.1
Deleted
OLD
4.27.1
The issue of extension of export obligation (EO)
period for the erstwhile Advance Licence for Annual Requirement was considered
in the Policy Review Committee meeting held on 21.05.2002. The Committee in the
light of the difficulties faced in fulfilling EO on account of exigencies in the
international trade scenario and in the absence of any provision of EO extension
under Advance License for Annual Requirements , decided to grant EO extension
for all Advance Licence for Annual Requirements whose EO period expired /
expires prior to 31.03.2003 on the execution of a Bank Guarantee (BG) equivalent
to the customs duty with 24% interest on unutilised exempt material. In cases
where the extension period upto 31.03.2003 is less than or equal to six months
from the date of expiry of the licence, a composition fee of 1% of the
unfulfilled obligation on the date of expiry of the licence vis a vis imports
made would be levied. However in all other cases where the EO extension period
sought upto 31.03.2003 is more than six months from the date of expiry of the
licence, a composition fee of 5% of the unfulfilled EO on the date of expiry of
the licence vis a vis imports made would be levied.
(Pl. refer PN NO.
26/2002, Dt. 01/08/2002 for date of expiry of the licence)
(This para
has been added vide PN NO.
18/2002, Dt. 14/06/2002)
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