7.15 (a) At the time of issue of the licence, the acceptance of the undertaking given by the applicant to the licensing authority concerned in the form given in Appendix-11B will be endorsed on the reverse of the Advance Licence .

(b) Deleted

Note :-(a) No BG / LUT will be required where the specified export obligation has been fulfilled before making any import. In case of partial fulfillment of export obligation before effecting any imports, the BG / LUT may be reduced proportionately. The licence holder shall also produce DEEC (Part II) and Bank Certificate of Export and Realisation, substantiating the completion or the partial fulfillment of the export obligation to the licensing authority concerned.

(b) In respect of an advance licence on which "No BG / LUT" facility has been provided, the licensing authority shall forward the relevant DEEC (Exports) to the customs authorities with whom the licence is registered for their record and further appropriate action. An endorsement to this effect shall also be made by the licensing authority on the DEEC (Imports) with a further stipulation that the same may be retained by the customs authority immediately after the imports are completed.