GOVERNMENT OF INDIA
DEPARTMENT OF COMMERCE
MINISTRY OF COMMERCE AND INDUSTRY
DIRECTORATE GENERAL OF FOREIGN TRADE (PC IV SECTION)
Policy Circular No. 11 (RE-01)/2001-02
Dated: 1st October , 2001Online GST Certification Course by TaxGuru & MSME- Click here to Join
Subject: Maintenance of Average by the EPCG licence holders during the extended period of time / amnesty period under PN No 3/2001 dtd 31.03.2001
1) Attention is invited to Public Notice No 3 (RE-01)/ 1997- 2002 dtd 31.03.2001 providing for extension of export obligation period under the EPCG Scheme upto 31.03.2002 subject to the execution of the requisite BG/compliance with the conditions stipulated therein etc.
2) A doubt has been raised as to whether the EPCG licence holders availing the amnesty scheme under the said Public Notice are required to maintain Average during the extended period of export obligation or not.
3) The issue was considered by the Policy Review Committee at its meeting held on 13.08.2001 under the chairmanship of DG. In view of the decision taken therein, it is clarified that the licence holders availing this facility are also required to maintain average export obligation during the extended period till the export obligation is completed in full. For example, if the licence was issued during 1993-94 period, the original EO period of five years expired in 1998-99. If the entire EO is completed by 31.03.2002 (i.e during the 2001-2002 period) the average has to be maintained from 1993-94 to 2001-2002.
This issues with the approval of the DGFT.
Dy Director General of Foreign Trade