Extension of time period in the Export Obligation Period

Jan 16, 2019 | by Avantis RegTech Legal Research Team

The Cashew Export Promotion Council (EPC) recently approached the Directorate General of Foreign to extend six months additional Export Obligation Period (EOP) to allow the advance authorizations issued to cashew industry. Due to introduction of 5% Customs Duty with respect from March 01, 2016, and due to unawareness amongst the members about Advance Authorization Scheme, the exporters were facing difficulties during EOP.

On January 03, 2019 Policy Relaxation Committee (PRC) accepted the request and allowed six months additional extension in the EOP to advance authorizations involving import of Raw Cashew in relaxation Policy. In case of additional extension of time, a composition fee at the rate of 1 % per month will be charged.





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