DGFT issues Trade Notice on Amnesty Scheme for Default in Export Obligations under AA/EPCG Schemes, no Further Extension Likely
DGFT urges authorisation holders to promptly close and rectify Export Obligation Cases under consideration of Amnesty Scheme.
DGFT issues Trade Notice – Trade Notice – Directorate General of Foreign Trade – Amnesty Scheme – Export Obligations – Export Promotion Capital Goods Schemes – TAXSCAN
DGFT issues Trade Notice – Trade Notice – Directorate General of Foreign Trade – Amnesty Scheme – Export Obligations – Export Promotion Capital Goods Schemes – TAXSCAN
The Directorate General of Foreign Trade (DGFT) has issued a Trade Notice, with regard to the amnesty scheme for default in export obligations under Advance Authorisation and EPCG Schemes, clarifying that a further extension is unlikely.
The Directorate General of Foreign Trade (DGFT) had earlier extended the deadline for the Amnesty Scheme designed for the closure of cases related to default in Export Obligation (EO) under the Advance Authorisation (AA) and Export Promotion Capital Goods (EPCG) Schemes. The notification for this extension was issued through Public Notice No. 20/2023 dated 30.06.2023, amending the original Public Notice No. 02/2023 released on 01.04.2023.
The Amnesty Scheme allows businesses to rectify and close cases of default in EO, providing an opportunity for resolution. The Policy Relaxation Committee (PRC) and EPCG Committees play a crucial role in assessing and deciding on each application. It is essential to note that policy relaxation is not an automatic entitlement; it is subject to individual facts and circumstances.
As a precautionary measure, all authorization holders are strongly advised not to delay the submission of their applications until decisions are made by the PRC/EPCG Committees. Instead, they should ensure their applications for closure of default in EO under the Amnesty Scheme are submitted by the specified deadline of 31.12.2023.
Importantly, the pendency of any application for relaxation or clarification will not be considered a valid reason for the extension of the permissible time period beyond the prescribed date.
The DGFT emphasized that authorization holders covered under the Amnesty Scheme should take advantage of this opportunity, as there will be no further extension beyond 31.12.2023.
Additionally, all Regional Authorities and DGFT offices were urged to promptly process and dispose of any pending applications filed under the Amnesty Scheme before the specified deadline, ensuring a smooth and efficient resolution process.
To Read the full text of the Order CLICK HERE
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
