In the exercise of powers that have been conferred under paragraph 1.03 of the new Foreign Trade Policy 2023, as amended from time to time, the DGFT has made some amendments in the procedure to close the default cases in Export Obligation under AA Scheme and EPCG Scheme.
Consulting And Compliance
Amnesty Scheme for Single-Time Settlement of Default in export obligation by Advance Authorization and EPCG Authorization Holders – reg.
Coverage
- The authorization under the AA Scheme of all variants and the EPCG scheme of all variants under the Foreign Trade Policy of 2009-14 till 31st March 2015 are to be covered under this amnesty scheme.
- In the case of authorizations under the AA scheme and EPCG scheme that was issued under the Foreign Trade Policy, 2004-2009 and previous years, the coverage has been made limited to the respective authorizations who have Export Obligation Period, be it original or extended, had validity before 12.08.13.
What does the Amnesty Scheme include?
The amnesty scheme states that all the pending cases of Export Obligation of the default meeting on authorizations mentioned in paragraph 1 can be reopened by authorization holders on the payment of all customs duties which had been exempted in proportion to unfulfilled Export Obligation and interest rate of 100% of such duties exempted. Moreover, no interest is to be paid on the portion of additional Customs Duty and special additional Customs Duty.
Interested ones may register themselves on the official website of DGFT, i.e., www.dgft.gov.in.
You can click here to view the public notice dated 01.04.23
To get more information, connect with DGFT Subject Matter Experts at https://www.dgftguru.com/
