5.11

The competent authority, as mentioned in paragraph 5.3, may consider, on merits, one or more request for extension in export obligation period, including extension for year(s) or a block of year(s), for fulfillment of export obligation subject to the condition that extension of export obligation shall not exceed a total period of one /two year as per relevant Customs notifications from the date of expiry of the export obligation period. The extension in export obligation period shall be subject to such terms and conditions as may be prescribed by the competent authority. Wherever the export obligation period is extended, the licence holder shall be required to maintain average export obligation during the extended period as well.