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Regarding revalidation and endorsement of transferability of expired
Advance Licences issued during Exim Policy 1992-97
Circular No. 65dated 30th September 1999
The issue of
granting endorsement of transferability of expired Advance Licences issued
during Exim Policy 1992-97 was under examination in the Department of Revenue in
consultation with the DGFT/ MOC. The matter was also referred to the Ministry of
Law. The export obligation against all these Licences had been fulfilled in
terms of Public Notice No. 62 (PN)/ 97-02 before 31.12.97/ . However, the
endorsement of transferability could not be made.
2. The
issue has been examined in the Board and it has been decided that in respect of
Advance Licences issued as per Exim Policy 1992-97, where the export obligation
had been completed on or before 31.12.97, the endorsement of transferability
shall be permitted by DGFT in the following two situations:
(i) Where
the licences were submitted for endorsement of transferability in terms of DGFT
Public Notice No. 62 (PN)/ 97-02 dated 31.12.97 on or before 20.2.98 but
endorsement could not be done by DGFT because Customs Notification No. 32/ 98
was issued on 4.6.98 or DGFT PN No. 7 was issued on 13.4.98 or delay at the end
of DGFT.
(ii) Where
the licences could not be submitted to DGFT/ MOC for endorsement of
transferability in terms of DGFT PN No. 62 because of delay in logging of DEEC
book or delay in issuance of Modvat Reversal Certificate by Customs.
In respect of
cases covered under (ii) above, the licence holder shall also be required to
submit a certificate from the concerned Assistant Commissioner of Customs/
Central Excise certifying that for want of logging of DEEC book of issue of
Modvat Reversal Certificate, he could not submit the Advance Licence to the
DGFT/ MOC by 20.2.98 as specified in DGFT PN No. 62.
3. Advance
Licences of the types covered by (i) and (ii) above would be allowed
transferability alongwith revalidation upto 31.3.2000. Suitable Public Notice is
being issued by the DGFT/ MOC in this regard.
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