7.26

In case the export obligation has been fulfilled, the licensing authority shall redeem the case. After redemption, the DEEC (both for imports and exports) along with a copy of the redemption/ discharge certificate shall be sent to the concerned customs authorities for their record and further action. In case some imports are yet to be completed, the DEEC (Import) may be returned to the licence holder with a specific endorsement that the same may be retained by the customs authority concerned, immediately after the imports are completed.

Ordinarily, redemption of LUT shall not preclude the customs authority from taking action against the licence holder for any misrepresentation, mis-declaration and default detected subsequently.