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Revalidation and Extension in Export Obligation Period of Advance Licences issued under Duty Exemption Scheme
Public Notice No. 52 dated 28th October 1997
Attention is invited to Public Notice No.38/ (PN)/ 1997-2002 dated 1st September 1997 read with Public Notice No.40 dated (PN)/ 1997-2002 dated (PN)/ 1997-2002 9th September, 1997
2. Consequent upon the issuance of aforesaid Public Notices, representations have been received from various exporters that the advance licenses issued on or before 28-2-1995 enjoy the facility of revalidation or extension in export obligation period as the case may be upto: 31-12-1997 whereas the same is not available in respect of advance licences issued after 28-2-1995 as the Handbook of Procedures 1997.2002 (Vol. 1) does not specifically provide for extension or revalidation beyond 30 months of issue of advance licence. Hence, they have requested for allowing revalidation or extension In export obligation period, as the case may be, upto 31-12-1997, in respect of advance licences issued In the Month of March, 1995 to June 1995.
3. Or reconsideration of the matter, the Director General of Foreign Trade in exercise of the powers conferred upon him under Paragraph 4.11 of Export and Import Policy 1997-2002 makes the following arrangement in respect of advance licences issued in the Month of March, 1995 to June, 1995 for considering the request of revalidation or extension in export obligation period, as the case may be, by the Advance Licensing Committee:
4. The request for revalidation or extension in export obligation period, as the case may beyond 30 months from the date of issuance of the advance licence but maximum upto 31.12.1991 in respect of advance licences issued In the Month of March, 1995 to June, 1995, may be considered. Advance Licensing Committee. HQrs in accordance with the parameters as laid down in the Public Notice No.38 (PN)/ 1997 -2002 dated 1-9-1997 read together with Public Notice No.40 (PN)/ 1997 - 2002 dated 9-9-1997. However, grant of extension of export obligation period in the advance licences where export obligation period exceeds 30 months from the date of issue of the advance licence will be subject to payment of an amount equivalent 10 a penalty of 5% on the unfulfilled value of export obligation imposed on the advance licence.
5. This issues in Public interest.
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