Policy Circular No. 10 dated 27^th May 1999

Attention is invited to Paragraph 6 of Public Notice No. 5  (RE-99) dated 6.4.1999.

2.     Representations have been received from various exporters seeking clarification on whether for providing extension in export obligation period, under advance licences, for the exports effected prior to the date of the Public Notice mentioned above but outside the prescribed export obligation period, they will have to pay the penalty of 5% or not.

3.     The matter has been considered carefully and it is clarified that in terms of Public Notice No. 6  (RE-99) dated 6.4.1999, wherever exports have already been completed prior to the date of this Public Notice, but exports have been completed outside the export obligation period, then such exports are deemed to have been made within the prescribed export obligation period and no penalty is to be charged for such regularisation/ extension. However, no refund whatsoever is permissible in cases where any penalties etc may have already been paid.

This issues with the approval of DGFT.