Government of India
Ministry of Commerce
Directorate General of Foreign Trade
Policy Circular No. 31 (RE-99)/99-2000
Dated. 1.9.99Online GST Certification Course by TaxGuru & MSME- Click here to Join
ALL LICENSING AUTHORITY
ALL COMMISSIONERS OF CUSTOMS
Subject: Surrender of SIL in cases of valuewise shortfall in export obligation.
Attention is invited to Public Notice No. 53(RE-98)/97-2002 dated 6th Nov, 1998 wherein it was stated that for valuewise shortfall in export obligation, the licence holder shall, for regularisation, surrender to the licensing authorities special import licence of a value equivalent to 4 times the CIF value of imports on prorata basis.
Some of the licensing authorities have raised the issue of applicability of the above Public Notice for regularisation of cases in respect of licences issued prior to 1.4.97.
It is clarified that provision incorporated under Public Notice No. 53(RE-98)/97-2002 dated 6th Nov, 1998 relating to surrender of SIL for valuewise shortfall as stated above shall be applicable to the licences issued prior to 1.4.97 relating to any Policy period where cases are still pending for regularisation.
This issues with the approval of DGFT.
Jt.Director General of Foreign Trade