5.7.4

Wherever average level of export obligation was fixed taking into account the exports made to former USSR or to such countries as are notified by the Directorate General of Foreign Trade under this paragraph, the average level of exports shall be reduced by excluding exports made to such countries. This waiver shall be applicable to all EPCG licences, which have not been redeemed/regularised. However, exports made against any EPCG licence, except the EPCG licences which have been redeemed, shall not be added up for calculating the average export performance for the purpose of the subsequent EPCG licence.