Export obligation period under EPCG extended for export ban / restriction period
Vide Public Notice No 26 (RE-2008)/2004-2009, Dated: June 3, 2008, the following para has been inserted after para 5.11.3 of Hand Book of Procedures Vol I:
5.11.4: “Whenever a ban / restriction is imposed on export of any product, export obligation period in respect of EPCG authorizations already issued prior to imposition of ban of such export products, would stand automatically extended for a period equivalent to the duration of ban , without any composition fee and exporter would not be required to fulfill average E.O. as well for the ban period”.
Now this para has been amended as under:
5.11.4: “Whenever a ban/restriction is imposed on export of any product, export obligation period in respect of EPCG authorizations already issued prior to imposition of ban/ restriction of such export products, would stand automatically extended for a period equivalent to the duration of ban/restriction, without any composition fee and exporter would not be required to fulfill average E.O. as well, for the ban/ restriction period”.
Well, what is the difference? Though the para was started with ban/restriction, it continued with only ban and restriction was forgotten. Somewhere some shrewd Customs officer might have disallowed the benefit for restriction period, the DGFT has now done the needful.
PUBLIC NOTICE NO , Dated: August 20, 2008