POLICY CIR NO. 57/2008, DT. 15/01/2009

Return of Bank Guarantees submitted in lieu of Drug Manufacturing Licence (DML) in terms of PN. No. 109/2008, DT. 17.11.2008

Reference is invited to Public Notice No. 109 dated 17.11.2008 regarding submission of DML for issue of EPCG Authorisation to Pharmaceutical units.

2. The issue relating to the Bank guarantees/LUTs executed between the period from 30.06.2008 to 17.11.2008 by pharmaceutical units in lieu of drug manufacturing authorizations was raised in Port Officers’ Meeting held on 25.11.2008 wherein it was clarified that the Bank Guarantees/LUTs submitted to RAs in lieu of submission of DML for obtaining EPCG authorizations may be returned to the pharmaceutical units, upon obtaining an undertaking from such units that they are required to submit DML within a period of three years from the date of issue of EPCG authorisation.

3. All RAs are, therefore, requested to kindly take necessary steps to return the Bank Guarantees/LUTs so executed by pharmaceutical units upon furnishing of undertakings that DML would be submitted within a period of three years from the date of issue of EPCG authorization.

This issues with the approval of Director General of Foreign Trade.

(Akash Taneja)

Joint Director General of Foreign Trade

(Issued from F. No. 01/36/218/61/PC-V/EPCG-I)

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