| Date: |
16-07-2002
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| Notification No: |
DGFT Policy Circular No 8/2002
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| Issuing Authority: |
DGFT
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| Type: |
Circular
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| File No: |
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| Subject: |
Clarification regarding Redemption of Bond within No Sale Period by RLAs - Public Notice No. 3 dated 31.3.97 – Condition of “No Sale Period – 5 years” on Vehicle Imported thereunder
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Clarification regarding Redemption of Bond within No Sale Period by RLAs
- Public Notice No. 3 dated 31.3.97 � Condition of �No Sale Period � 5
years� on Vehicle Imported thereunder
Policy
Circular No. 8 dated 16th July 2002
Representations/
requests seeking clarification on �No Sale Period� have been received from
the importers � who have made imports of vehicles in terms of the above
-mentioned Public Notice and executed the requisite Bonds with concerned
Regional Licensing Authorities.
The
matter has been examined and keeping into consideration the provisions of the
Public Notice No. 3 dated 31.3.00, which has reduced the no sale period to 2
years, it is clarified that with regard to the bonds executed by eligible
importers under the Public Notice dated 31.3.97, the concerned RLAs on receipt
of request for redemption of bonds within No Sale Period of 5 years, may
consider such requests and permit redemption before maturity of the said bond
subject to the condition that a period of 2 years from the date of imports made
has been completed and the vehicle has not been transferred during the
intervening period.
This
issues with the approval of DGFT.
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