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Q. EPCG - I have one query on fulfillment of Export obligation under EPCG licence :
One company imported machineries under EPCG license in the year March 2003. But could fulfill the obligation up to 3rd Block ( March 2009) company got extension by 2 year for that block by increasing EO by 20%. Up to the expiry of EPCG licence ( March 2011) company could not fulfill the obligation.
Your opinion requires on the followings
Whether this company can get another extension of 2 year by paying compounding fee of 2% or by extending EO by 20%.
Or
Whether another extension is now available after payment 50% of duty of unfulfilled EO to custom deptt and get 2 year extension from DGFT. If the company fulfills the EO in the extended period, whether payment to custom deptt will be refunded:
In addition to that latest FTP says that : ‘AUTHORISATION ISSUED FROM IST APRIL 2002 UP TO 31ST AUGUST 2004 SHALL BE GOVERNED BY THE PROVISIONS OF PARA 5.8 OF HBP VOL-1 ( RE-02) OR AS AMENDED FROM TIME TO TIME “
I don’t know what has been mentioned in the above HBP vol-1 ( Re-02 ) whether block period has been changed or not ? where to the get the copy of above HBP
Please enlighten on the above matter :
Regards
Suresh Goel
Goel7g@yahoo.co.in
One company imported machineries under EPCG license in the year March 2003. But could fulfill the obligation up to 3rd Block ( March 2009) company got extension by 2 year for that block by increasing EO by 20%. Up to the expiry of EPCG licence ( March 2011) company could not fulfill the obligation.
Your opinion requires on the followings
Whether this company can get another extension of 2 year by paying compounding fee of 2% or by extending EO by 20%.
Or
Whether another extension is now available after payment 50% of duty of unfulfilled EO to custom deptt and get 2 year extension from DGFT. If the company fulfills the EO in the extended period, whether payment to custom deptt will be refunded:
In addition to that latest FTP says that : ‘AUTHORISATION ISSUED FROM IST APRIL 2002 UP TO 31ST AUGUST 2004 SHALL BE GOVERNED BY THE PROVISIONS OF PARA 5.8 OF HBP VOL-1 ( RE-02) OR AS AMENDED FROM TIME TO TIME “
I don’t know what has been mentioned in the above HBP vol-1 ( Re-02 ) whether block period has been changed or not ? where to the get the copy of above HBP
Please enlighten on the above matter :
Regards
Suresh Goel
Goel7g@yahoo.co.in
Anwered By : Mrattunjay
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