4.7.6

In such cases, where the norms are not finalised by ALC within four months from the date of issuance of licence, the norms as applied for shall be treated as final and no adjustment will be made. However, where the application for fixation of adhoc/ SION is rejected on account of non-furnishing of required documents/ information, the licence holder shall be liable for penalty as stated in the above paragraph.

In such cases where the export obligation is completed pending fixation of norms by ALC, the entitlement for the licence as given in paragraph 4.7.1 may be re-credited upon production of documentary evidence showing fulfillment of export obligation and realisation of foreign exchange in respect of the previous licenses. However, bond waiver/ redemption shall not be allowed pending fixation of norms in such cases.