3.17.11

Facility of Payment of Customs Duties in case of E.O. defaults

Duty Credit Scrip can be utilised / debited for payment of Custom Duties in case of EO defaults for Authorizations issued under Chapters 4 and 5 of this Policy. However, penalty / interest shall be required to be paid in cash. Scrips issued under SHIS, SFIS and AIIS cannot be utilised / debited for payment of Custom Duties in case of EO defaults for Authorizations issued under Chapters 4 of this Policy. Duty credit scrips can also be used for payment of composition fee under FTP, for payment of application fee under FTP, if any and for payment of value shortfall in EO under para 4.28 (b) of HBP v1 2009-14.

(Above para 3.17.11 has been amended vide NOTIFICATION NO. 64/2013, DT. 06/01/2014 with immediate effect)

[OLD- Duty Credit Scrip can also be utilised / debited for payment of Custom Duties in case of EO defaults for Authorizations issued under Chapters 4 and 5 of this Policy. However, penalty / interest shall be required to be paid in cash. Duty credit scrips can be used for payment of composition fee under FTP, for payment of application fee under FTP, if any and for payment of value shortfall in EO under para 4.28 (b) of HBP v1 2009-14. ]

(Above bold section has been added vide NOTIFICATION NO. 03/2013, DT. 18/04/2013)