Policy Circular No. 31 dated 1^st September 1999

Attention is invited to Public Notice No. 53 (RE-98)/ 97-2002 dated 6^th Nov, 1998 wherein it was stated that for value wise shortfall in export obligation, the licence holder shall, for regularisation, surrender to the licensing authorities special import licence of a value equivalent to 4 times the CIF value of imports on prorate basis.

Some of the licensing authorities have raised the issue of applicability of the above Public Notice for regularisation of cases in respect of licences issued prior to 1.4.97.

It is clarified that provision incorporated under Public Notice No. 53 (RE-98)/ 97-2002 dated 6^th Nov, 1998 relating to surrender of SIL for value wise shortfall as stated above shall be applicable to the licences issued prior to 1.4.97 relating to any Policy period where cases are still pending for regularisation.

This issues with the approval of DGFT.