Transitional Arrangement for licences issued upto 31/8/2004

4.27

The Advance Licence including Advance Licence for Annual Requirement issued upto 31.8.2004 shall be governed by the provisions contained in Chapter-7 of the Handbook (Vol.1) (RE-2001) and Chapter 4 of the Handbook (RE-2002) respectively as amended from time to time, excepting the provision relating to clubbing which will be governed by the provisions of para 4.20 of this Handbook.

However, wherever Customs duty is to be paid on unutilised material, the same shall be paid alongwith interest @15% per annum thereon. This facility shall be available to all pending cases of regularisation of bonafide default advance licences irrespective of the date of its issuance including Advance licence (Advance Licence for physical exports), Annual Advance Licence (Advance Licence for annual requirement), Advance Licence for deemed exports (Special Imprest Licence), Advance Licence for Intermediate supply (Intermediate licence).