Execution of Bank Guarantee/Legal Undertaking for Advance Authorisation/DFIA and EPCG Authorisation
And
Advance Authorisation for Annual Requirement
The DGFT has amended the HOP to stipulate that, “In case, the firm has already executed BG/LUT for the full value of the licence/certificate/ authorization/permission (covering the items indigenously procured) to the Customs and furnishes proof of the same to Regional Authority (RA), no BG/LUT shall be required to be executed with the RA. The RA concerned shall endorse on the authorization that the Customs Authority shall release/redeem BG/LUT only after receipt of NOC or EODC from the RA concerned. RA shall endorse a copy of the same along with a forwarding letter to the Customs Authority at the Port of registration for their information and record”.
Regarding Advance Authorisation for Annual Requirement, the DGFT amendment now provides that, “In respect of export product for which Standard Input Output Norms (SION) does not exist, the authorization holder shall submit an application in “ Aayaat-Niryaat Form” along with prescribed documents to NC before making the shipment. The applicant shall also furnish Advance Authorisation for Annual Requirement No. and date along with the File No. from which the same was issued in the covering letter to the application”.
DGFT Public Notice No. 75 (RE-2008) 2004-09, Dated: September 2, 2008