Regularistion of Bonafide Default

4A.27

The cases of bonafide default in fulfillment of export obligation by an exporter who has obtained precious metals from the nominated agencies may be regularised provided the exporter has paid customs duty alongwith 15% interest thereon to the Customs. However, in the case of Advance Authorisation, the provisions as given in paragraph 4.28 of this Handbook shall apply. This shall be without prejudice to any action that may be taken against the exporter under the Foreign Trade (Development and Regulation) Act 1992, the Order or the Rules issued thereunder.