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It has also been decided that in Quantity based Advance licence issued during the Exim Policy 1992-97 and Advance licence issued during 1997-2002, the export obligation in value terms shall be fixed with reference to the aggregate CIF value of imports. For example, if a licence has been issued for US$10,000 with an export obligation of US$40,000 and the actual imports effected is US$2000, the export obligation shall stand reduced to US$8000 irrespective of the fact whether a particular input has been imported for 100% of the value earmarked for the same.
