7.24 The licensing authority, with whom the Undertaking is executed by the Advance Licence holder, shall maintain a proper record in a master register indicating the starting and closing dates of obligation period and other particulars to monitor the export obligation. Within two months from the date of expiry of the period of obligation, the licence holder shall submit requisite evidence in discharge of the export obligation in accordance with paragraph 7.25 of the Handbook. In case the licence holder fails to complete the export obligation or fails to submit the relevant information / documents,the licensing authority shall take action by refusing further licences, shall enforce the condition of the licence and Undertaking and shall also initiate penal action as per law.