4.26

In case the export obligation has been fulfilled, the licensing authority shall redeem the case. After redemption, the licensing authority shall forward a copy of the redemption letter indicating the shipping bill number(s), date(s), FOB value in Indian rupees as per shipping bill(s) and description of export product to the Customs authority at the port of registration. Before discharging BG/LUT against the Advance Licence, the Customs shall verify that the details of the exports as given in the “Redemption Certificate” are as per their records.

Ordinarily, redemption of LUT shall not preclude the customs authority from taking action against the licence holder for any misrepresentation, mis-declaration and default detected subsequently.