5.14

Regularization of Bonafide Default

In case, EPCG authorization holder fails to fulfil prescribed export obligation, he shall pay Customs Duty along with applicable interest as prescribed by Customs authority. Such facilities can also be availed by EPCG authorization holder to exit at his option. The authorization holder will have the option to furnish valid duty credit scrips, issued under Chapter 3 of FTP, for payment of the customs duty component.

[Para 5.14 has been subsituted vide PUBLIC NOTICE No.01/2013, DT. 18/04/2013 ]

[OLD 5.14

Regularization of Bonafide Default

In case, EPCG authorization holder fails to fulfil prescribed export obligation, he shall pay duties of Customs plus interest as prescribed by Customs authority. Such facilities can also be availed by EPCG authorization holder to exit at his option. The authorization holder will have the option to furnish valid duty credit scrips, issued under Chapter 3 of FTP & DEPB, for payment of the customs duty component.]