5.8.4

However, the licences issued under the scheme upto 31.3.2000 shall be governed by provisions laid down in paragraph 6.11 as given in Handbook (Vol.1) (RE-99). Notwithstanding the provisions in Handbook (Vol.1) (RE-99), the licence holder shall not have to surrender Special Import licence in case of valuewise shortfall.

However, wherever Customs duty is to be paid under EPCG scheme, on account of shortfall in export obligation for regularisation for bonafide default, the same shall be paid alongwith interest @15% per annum thereon. This facility shall be available to all pending cases of regularisation of EPCG licences irrespective of the date of its issuance.

(Above Paragraph has been added vide PN. No. 09/2003, Dt. 22/05/2003)

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