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2015 (12) TMI 316 - HC - CustomsFailure to fulfil export obligation - Extension of validity of license - License expired within the period that the overseas buyer had renewed its order to import the subject goods from the petitioner - Held that:- The petitioner was permitted to import yarn duty free on their undertaking to export the stipulated quantity of goods within a specified period of time. The whole purpose of issuance of the advance licences was to promote export with the incentive of duty remission if the export obligation was fulfilled. If for any bona fide reason an importer/exporter has been unable to fulfil his export obligation within the stipulated time, his case for extension of the validity period of the licence or licences should be reasonably considered. In order to reasonably consider such extension, it is important whether the belated export which he proposes to make is genuine or not. If the belated export is genuine, the purpose of the policy of generating more export earnings, by granting duty remission incentives would be fulfilled. This has to be ascertained. Only the circumstances will bear this out. - petitioner is allowed to fulfil its export obligation against advance licences at serial nos.8 and 9 of page 50 of the writ petition on the basis of the expired licences, without prejudice to the rights and contentions of the parties.
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