EPCG Scheme - Benefit of an EXIM scheme - Non fulfilment of the ...

Court Upholds 24% Interest Penalty on Unmet Export Obligations Under EPCG Scheme Bonds.

March 29, 2024

Case Laws Customs HC

EPCG Scheme - Benefit of an EXIM scheme - Non fulfilment of the export obligations - The High Court examined the clauses of the bonds executed by the appellant and concluded that the penalty clause in the indemnity cum guarantee bond was valid. This clause mandated payment of 24% interest per annum on the duty saved in case of default. The court differentiated between this penalty and the interest claimed by the Customs Department, affirming the appellant's liability for the penalty outlined in the bonds.

View Source

← Previous Next →

EPCG Scheme - Benefit of an EXIM scheme - Non fulfilment of the ...

Court Upholds 24% Interest Penalty on Unmet Export Obligations Under EPCG Scheme Bonds.

March 29, 2024

Case Laws Customs HC

You may also like:

The HC ruled that once the petitioner regularized their export obligation under the Amnesty Scheme by paying the entire duty forgone (Rs. 50,23,802/-) plus interest (Rs....

Export Promotion Capital Goods (EPCG) Scheme - fulfilment of Export Obligation or not - A condition which is dependent on action by public authorities over which an...

Export Promotion Capital Goods Scheme (EPCG Scheme) - authority calls upon the petitioner to produce various export documents to establish the discharge of export...

DGFT introduced new provisions in Chapter 4 of Handbook of Procedures 2023 establishing the Diamond Imprest Authorization (DIA) scheme. The scheme permits import and...

The appellant had imported raw materials duty-free under the Advance Authorisation Scheme but erroneously filed shipping bills under the Duty Drawback Scheme. The court...

The document outlines provisions regarding customs bonds and bank guarantees. Key points from the legal analysis: The obligor must comply with all provisions of the...

CESTAT AHMEDABAD ruled on Anti-Dumping Duty (ADD) for imports of "Cold Rolled Flat products of Stainless Steel" from China. The issue was the fulfillment of Export...

Imposition of penalty - delay in fulfilling export obligation - after the amendment, Licensing Authority may grant extension in fulfilling the export obligation by a...

IGST exemption availed under EPCG Scheme rejected. Demand of customs duty in lieu of IGST, confiscation, interest, penalties under Customs Act, 1962 confirmed....

The High Court addressed the issue of penalty levy and rejection of Amnesty Scheme benefit. The petitioner sought penalty waiver under the Scheme after paying tax and...

Verification mechanism and monitoring of export obligation under duty exemption/ reward Schemes- reg. - Circular

Confiscation of the goods already cleared - Import of certain capital goods under EPCG Scheme - The bond executed by the AMW is not for production of goods but for...

The appellants, having discharged the entire customs duty with applicable interest under DGFT's Amnesty Scheme after failing to fulfill export obligations, successfully...

The High Court addressed a case involving the levy of a fiscal penalty of Rs. 1,00,00,000/- under the EPCG Scheme for failure to submit required documents. The...

EPCG Scheme - failure to fulfill the conditions stipulated in the license - failure to submit the export obligation discharge certificate EODC issued by the licensing...

Quick Updates: