DGFT
Policy Circular No 11(RE-01)/ 2001-02
Dated: 1.10.2001
Subject: Maintenance of
Average by the EPCG licence holders during the extended period of time / amnesty
period under PN No 3/
2001 dtd 31.03.2001
1) Attention is invited to Public
Notice No 3 (RE-01)/ 1997- 2002 dtd 31.03.2001 providing for extension of export
obligation period under the EPCG Scheme upto 31.03.2002 subject to the
execution of the requisite BG/ compliance with the conditions stipulated therein
etc.
2)
A doubt
has been raised as to whether the EPCG licence holders availing the amnesty
scheme under the said Public Notice are required to maintain Average during the
extended period of export obligation or not.
3)The issue was considered by the Policy
Review Committee at its meeting held on 13.08.2001 under the chairmanship of DG.
In view of the decision taken therein, it is clarified that the licence holders
availing this facility are also required to maintain average export obligation
during the extended period till the export obligation is completed in full. For
example, if the licence was issued during 1993-94 period, the original EO period
of five years expired in 1998-99. If the entire EO is completed by 31.03.2002 (i.e
during the 2001-2002 period) the average has to be maintained from 1993-94 to
2001-2002.
This issues with the approval of the DGFT.