8.19 The Licensing Authority may grant extension in export obligation period for a period of four months against one or more consignment / sight on payment of penalty of 1% on the unfulfilled FOB value of Export obligation with reference to CIF value of the imports made for which extension is being sought. Any request for extension beyond a period of four months can be considered only by a Committee headed by the Director General of Foreign Trade.

(Above Para has been amended vide P.N.No. 32/(RE-98), Dt.24/8/98)