Dear Members,
The O/o Directorate General of Foreign Trade, New Delhi has issued Public Notice No. 02/2023 dated 1st April 2023, regarding Amnesty scheme for one time settlement of default in export obligation by Advance and EPCG authorization holders.
As you are aware that Amnesty scheme is intended to provide relief to exporters who have been unable to meet their obligations under Export Promotion Credit Guarantee (EPCG) and Advance Authorizations, and who are burdened by high duty and interest costs associated with pending cases.
The new Foreign Trade Policy will introduce an amnesty scheme for exporters to help them close old pending authorizations and start afresh.
The Amnesty scheme shall be available for a limited period, up to September 30, 2023, as per the new Foreign Trade Policy (FTP) which will be effective from April 1.
All pending cases of the default in meeting Export Obligation (EO) of authorizations mentioned can be regularized on payment of all customs duties that were exempted in proportion to unfulfilled EO.
The interest payable is capped at 100 per cent of these exempted duties under this scheme, However, no interest is payable on the portion of Additional Customs Duty and Special Additional Customs Duty.
The detailed coverage of the scheme with example is mentioned in attached file.
Member-exporters are requested to take note of it and do the needful.
For full details, you may refer to said public notice available on below link-
https://content.dgft.gov.in/Website/dgftprod/cdb6b9a7-fd65-4265-b8a8-bd1ee12c0f91/PN.%202%20dated%2001.04.2023%20English.pdf
Feed-backs, if any may can be sent to the council on e-mail ids:- ed@chemexcil.in with copy to pw@chemexcil.in for records/ further deliberations, if required.
Thanks and Regards
Prafulla Walhe
Dy. Director
CHEMEXCIL
Encl : P N 2 dtd.1.4.2023 English
