Retrospective effect of the criteria permitting 25% BG for manufacturer exporters having an export turnover of less than Rs 1 crore

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..... L OF FOREIGN TRADE POLICY CIRCULAR NO. 21/2002-2007, Dt. 18/03/2003 Attention is invited to Public Notices No 51 dated 04.12.2002 and No 64 dated 19.02.2003 which amended para 4.6 of the Handbook of Procedures (Vol 1) pertaining to "Newcomers" . Specifically, the amendment in PN 51 dated 04.12.2002 was about such manufacturer exporters who had an export turnover of less than Rs 1 crore but .....

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..... unless exempted and having a minimum investment in plant and machinery of Rs 50 lakhs. The Advance Licence issued to such domestic companies would carry an endorsement that the bond/ BG furnished would be as per the terms and conditions stipulated by the Department of Revenue. These amendments were carried out to reduce the transaction cost especially for established small exporters and establis .....

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