Applicability of Exchange Rate For Calculation of Composition Fee - DGFT Clarifies
IN case of any shortfall in value, authorization holder is required to deposit an amount equal to 1% shortfall in FOB value in Indian Rupee. Clarification has been sought on the exchange rate applicable for determination of shortfall in Export Obligation.
DGFT now clarifies that the “Basis of calculation of exchange rate would be the date of issue of authorization”.
DGFT Policy Circular No. 45/(RE-2010)/2009-14 Dated: November 8, 2011