TMI BlogAmendment as per provisions of the Finance Act, CA Certificate, Corrigendum to PN8 dated 14.5.2003X X X X Extracts X X X X X X X X Extracts X X X X ..... This facility shall be available to all pending cases of regularisation of bonafide default advance licences irrespective of the date of its issuance including Advance licence (Advance Licence for physical exports), Annual Advance Licence (Advance Licence for annual requirement), Advance Licence for deemed exports (Special Imprest Licence), Advance Licence for Intermediate supply (Intermediate licence)". 2. The following shall be added in paragraph 5.8.4 of the Handbook of Procedure: "However, wherever Customs duty is to be paid under EPCG scheme, on account of shortfall in export obligation for regularisation for bonafide default, the same shall be paid alongwith interest @15% per annum thereon. This facility shall be available to all p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... valid upto 31.3.2005. The bank guarantee shall be required to be submitted by all applicants including those eligible for LUT facility being status holders or otherwise. The bank guarantee shall be forfeited in the event of non fulfilment of export obligation in the extended period. a. The request for extension alongwith BG shall be filed with the concerned licensing authority on or before 22nd August, 2003. b. In cases where the export obligation has been fulfilled prior to this date of public notice but outside the prescribed EO period, such exports shall be deemed to have been made within the prescribed EO period for the purpose of regularisation of the case. Such exporter need not submit bank guarantee. c. In cases where bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e valid for a period of one year in addition to the period of export obligation sought for. However in such cases, no further extension in EO period beyond the period already applied for shall be allowed. g. However, no extension in export obligation shall be allowed in respect of the licences where misrepresentation/fraud has come to the notice of the licensing authorities. Further, in respect of licences where adjudicating orders have already been passed, no extension in export obligation period shall be admissible. h. In such cases where the export obligation has not been completed and the licence holder has not availed the facility accorded under this Public Notice, adjudication proceedings shall be initiated after 22nd August, 2003 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the CIF value of advance licence(s) provided the CIF value does not exceed 200% of the FOB/FOR value of exports/supplies made in the preceding licensing year. Licence beyond 200% entitlement shall be subject to 100% BG on the value exceeding 200% entitlement. However, the entitlement may be re-credited on production of documentary evidence showing fulfilment of export obligation and realisation of foreign exchange. In respect of applicant falling under d) above or falling under c) and d) both, the 25% BG condition shall be imposed on the CIF value advance licence(s) provided the CIF value does not exceed 200% of the domestic turnover or 200% of the FOB/FOR value of supplies, whichever is higher. Licence beyond 200% entitlement shall be su ..... X X X X Extracts X X X X X X X X Extracts X X X X
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