Mumbai, 9 June 2023

 

The Government is strongly committed to reducing litigation and fostering trust-based relationships to help alleviate the issues faced by exporters. In line with "Vivaad se Vishwaas" initiative, which sought to settle tax disputes amicably, the Government had introduced a special one-time Amnesty Scheme with the FTP 2023 on 31.03.2023, to provide relief to exporters who have been unable to meet their obligations under EPCG and Advance Authorizations, and who are burdened by high duty and interest costs associated with pending cases. Under the Scheme, default of Export Obligation (EO) under such authorizations are allowed to be regularized / closed on payment of duties that were exempted in proportion to unfulfilled Export Obligation with the interest component payable capped at 100%. In addition, no interest is payable on the portion of Additional Customs Duty and Special Additional Customs Duty and penalty if imposed for any adjudicated case is also waived off. Public Notice No. 2/2023 dated 1st April 2023 read with Public Notice 7/2023 dated 18th April 2023 and Policy Circular No. 1/2023-24 dated 17.04.2023 issued by Directorate General of Foreign Trade (DGFT) have more details. 

This scheme covers the Advance Authorization Scheme (all variants) and EPCG Scheme (all variants) issued under Foreign Trade Policy 2009-14 from 27.08.2009 till 31.03.2015 and   Authorizations issued under Foreign Trade Policy 2004-2009 and before, wherein the Export Obligation period (Original or Extended) was valid beyond 12.08.2013. The process of getting the cases regularized starts when the eligible exporters register their intent to avail benefit of the Scheme at dgft.gov.in. The last date of registration is 30.06.2023.

To maximize the awareness about this golden opportunity for Authorization Holders, Mumbai office of DGFT has conducted in-house seminars, webinars, reached out to the Export Promotion Councils and have sent more than 4,000 communications to exporters who may fall under the ambit of the Scheme. One of the very first beneficiaries of the Scheme, Mr Anurag Bimal Chand Godha, Director of M/s Shanti Vijay Jewels Ltd. has shared that his experience under the Scheme has been smooth and has taken a lot of financial burden off his shoulders. Under the Scheme, he was able to regularize the import of capital goods on which he could not fulfil export orders in time due to global buyers backing out at the last moment. 

The last day for registration which is 30.06.2023 is fast approaching and it is imperative that all eligible authorization holders avail the benefits of the Scheme. 

 

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(Source: DGFT, Mumbai) | PIB Mumbai | NM/ SC/ DR

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