admin April 14, 2023 0 Comments

Advocate Atharv Mundra, Advocate Sagarika Loya, FCA B.P. Mundra – Amnesty Scheme for one-time settlement of default in Export Obligation

The Directorate General of Foreign Trade (DGFT) has introduced an Amnesty Scheme for one-time settlement of default in Export Obligation (EO) under the Foreign Trade policy 2023 vide Public Notice No :  2/2023 dated 01.04.2023. The Amnesty Scheme focuses on the following key points :

1. The government is implementing a special one-time Amnesty Programto address non-compliance in Export Obligations by Advance Authorization and EPCG authorization holders in line with the “Vivaad se Vishwaas” initiative, which intended to settle tax problems amicably.
2. The authorization holder may regularize any outstanding instances of export obligation (EO) default for the aforementioned authorizations upon payment of all customs duties exempted in proportion to outstanding export obligation, with a maximum interest cap of 100% of such duties exempted.
3. The amnesty programme will only be available until September 30, 2023.
4. For more details, authorization holders can refer to PN 2/2023 Dated 01.04.2023.
5. Interested Authorisation holders shall register themselves in website www.dgft.gov.in in a separate application form provided for this purpose by filing all relevant details.

Kindly click the link below to download/view a copy of Trade Notice 1 (Part -1)/ 2023 and TO BE PUBLISHED IN THE GAZETTE LETTER to be published :-

1. Trade Notice-1-2023 dated 11.04.2023
2. TO BE PUBLISHED IN THE GAZETTE LETTER

Advocate Atharv Mundra – +91 7014317014

Advocate Sagarika Loya – +91 9704793293

FCA B.P. Mundra  – +919314501680