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 (2002-2007 as Notified on 31.3.2002) respectively as amended from time to time, excepting the provisions relating to clubbing and extension in E.O. period which shall be governed by the provisions of paragraphs 4.20 and 4.22.1 respectively of this Handbook and any other provision, as notified by DGFT.

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 against Advance Licences, irrespective of the date of its issuance including erstwhile Advance Licence for physical exports, Annual Advance Licence, Advance Licence for deemed exports or Special Imprest Licence and Advance Licence for Intermediate supply or Intermediate Licence.