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LEGAL AGREEMENT/UNDERTAKING FORMAT FOR DEPB SCHEME AND FREELY TRANSFERABLE INCENTIVE SCHEMES OF CHAPTER 3

APPENDIX 25D - Old_Provisions - Appendix - DGFT - APPENDIX 25D - APPENDIX 25 D (Please see para 2.20A of HBP v.1) LEGAL AGREEMENT / UNDERTAKING FORMAT FOR DEPB SCHEME AND FREELY TRANSFERABLE INCENTIVE SCHEMES OF CHAPTER 3 To The President of India Acting through the Director General of Foreign Trade (which expression shall be deemed to include the Joint Director General of Foreign Trade/Deputy Director General of Foreign Trade/Asst, Director General of Foreign Trade), Ministry of Commerce, Udyog .....

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portions where body corporate or not having the control of the affairs of the said firm, if it is Partnership firm/successors in business and assignee, if firm is limited company. AND The President of India (hereinafter referred to as the Government which expression shall include his successors in office and assigns). WHEREAS the party desires to apply for scrip(s) (herein after referred to as scrip(s) for import of goods allowed under the Scheme) on fulfilling the terms and condition of the Sch .....

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the export proceeds (FOB value of exports based on which duty credit shall be allowed under the Scheme) within the time period endorsed on the scrip(s). AND WHEREAS the Government may grant a Scrip(s) to the party for the full value applied for or for a lesser value, as it may be deemed fit and as per the terms and conditions of the Scheme. AND WHEREAS one of the terms of the Scrip(s), which may be issued as above, is that the party is to enter into an agreement/undertaking with the Government o .....

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Scheme. AND WHEREAS the party has to furnish a Legal Agreement in anticipation of the Government issuing Scrip(s) as above, based on the obligation to realize the export proceeds against exports, based on which duty credit is to be allowed under the Scheme. AND WHEREAS the party has agreed to realize the export proceeds to the extent of FOB value to be shown in the scrip(s) or as may be endorsed by the Government in the Scrip(s), within the time period as required under the scrip(s), which may b .....

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realisation' shipping bill wise, to the Regional Authority concerned, in original every 3 months beginning from the date of issuance of individual scrip; e) to furnish from a Nationalised/Scheduled bank, in original, a Bank Realisation Certificate (BRC) for the FOB value based on which the scrip(s) to be issued and such other documents as may be demanded by the Regional authorities as evidence for the realisation of export proceeds made; f) that in the event of his default in meeting the afo .....

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er, could not be produced by the party. In case the party surrenders the unutilized/partially unutilized Duty Credit Scrip, then unutilized/partially unutilized credit shall be deducted from the payable amount. g) that the Government may modify the Scheme from time to time. NOW, THEREFORE THE CONDITIONS OF THE AGREEMENT ARE AS FOLLOWS: In anticipation of granting the said Scrip(s) by the Government as aforesaid, the party hereby declare(s) and agree(s): (i) That the party shall comply with all t .....

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ramed thereunder, on the written demand made by the Government of the amount, in whole or part, the party shall forthwith without any demur or protest, pay to the Government the sum demanded. (iii) That notwithstanding any right Government may have directly against the party in any form, and notwithstanding any dispute raised by the party in any form, the Government's written demand to the party shall be final and binding. (iv) That this Agreement shall continue and shall not be discharged b .....

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n of legal proceedings for confiscation of the imported material and refusal of further Scrip(s) / Authorisation(s), and all other liabilities, penalties and consequences under the provisions of the Foreign Trade (Development and Regulation) Act, 1992, and the Orders and Rules made thereunder, that may be decided by the Government. (viii) That this Agreement shall remain in full force until all the obligations of the party are fulfilled to the full and final satisfaction of the Government as spe .....

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2 months time period from the date of issue of the scrip, the party shall be required to pay the said amount alongwith 15% interest per annum from the date of issuance of Scrip(s) for the duty credit for which BRC or Documentary evidence (evidencing realisation of export proceeds), as required under FTP or Procedure laid thereunder, could not be produced by the party. In case the party surrenders the unutilized / partially unutilized Duty Credit Scrip, then unutilized / partially unutilized cred .....

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the Government shall have the fullest liberty without any consent of the party and without effecting in any manner the obligations of the party hereunder: (a) to vary any of the terms and conditions of the scrip(s) and modify the said scheme from time to time or (b) to extend time of performance by the said party from time to time or to postpone for any time or c) from time to time any of the powers exercisable by the Government against the said party and to forbear or enforce any of the terms .....

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ly executed this Agreement on this ____ day of _____month____year_______ signed, sealed and delivered by the party in the presence of: (Signature)_________________________ (full and expanded description of the party with residential address) Witness: _____________________ ( Signature) 1. Name ___________________ Residential________________ Address ___________________ 2. Name ___________________ Residential________________ Address ___________________ (To be authenticated/affirmed by 1st Class Mag .....

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Certificate or the documents evidencing realisation of export proceeds (as prescribed for the purpose) at the time of filing application. 1[4. ** "The LUT shall be valid for a time period of 24 months from the date of export (Let Export Order Date). In case of a number of S/Bs filed against one application either for DEPB or for any specific freely transferable Incentive Schemes under Chapter 3 of FTP, 24 months time period shall be from the LEO date of latest S/B. In case of Revolving LUT .....

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₹ 15/-, or any amount as may be prescribed by the concerned State Government under the Indian Stamp Act, 1899 or State Act, as the case may be. 2. Any stamp duty payable on the B.G./LUT or any document executed thereunder shall be borne by the party. 3. If the party is a sole proprietary firm, the Bond/Legal Agreement shall be executed by the Sole Proprietor of the firm, along with his permanent and complete residential address. "In such a case, the expression "Importer/Exporter& .....

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d. "In that case, the expression "Importer/Exporter" or "Party" used in the opening paragraph of the Legal Agreement should include jointly and severely all the partners, through respective legal heirs, successors, administrators and assignee as well as the portions where body corporate or not having the control of the affairs of the said Firm". 5. If the party is a Limited Company, the B.G./ LUT shall be executed by the Managing Director or two Directors of the Com .....

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n that case, the expression "Importer/Exporter" or "Party" used in opening paragraph of the Legal Agreement should include its successors in business and assignee". 6. Each page of the Bond / Legal Agreement is to be signed. 7. Normally the BG / LUT shall have a validity of at least 24 months from the date of LEO. In case a number of S/Bs are filed against one application either for DEPB or for any specific freely transferable Incentive Schemes under Chapter 3 of FTP, 24 .....

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