Public Notice No. 32 dated 24^th August 1998

In exercise of powers conferred under Paragraph 4.11 of the Export and Import Policy, 1997-2002, as notified in the Gazette of India extraordinary, Part-II Section 3 - Sub-Section (ii) vide S.O.No. 283(E) dated 31.3.1997 the Director General of Foreign Trade hereby makes the following amendments in the Hand-Book of Procedures (Vol.1), 1997-2002:

1.      Paragraph 8.19 of the Hand-Book of Procedures (Vol.1), 1997-2002 shall be amended to read as follows:

"The Licensing Authority may grant extension in export obligation period for a period of four months against one or more consignment/ sight on payment of penalty of 1% on the unfulfilled fob value of export obligation with reference to cif value of the imports made for which extension is being sought. Any request for extension beyond a period of four months can be considered only by a Committee headed by Director General of Foreign Trade.

2.      This issues in public interest.