Consequences in case of default in EPCG Scheme ?
This query is : Resolved
17 December 2010
Dear Experts !
What are the consequences in case the export could not b made by the person who takes the benefit of EPCG Scheme?
Need detailed information..
thanks
adarsh @ agrimatrix.in
shayvidz @ gmail.com
What are the consequences in case the export could not b made by the person who takes the benefit of EPCG Scheme?
Need detailed information..
thanks
adarsh @ agrimatrix.in
shayvidz @ gmail.com
18 December 2010
Differential custom duty +15% penalty.
18 December 2010
Thanks for the reply Mr. Bhagat !
can you please give me the reference of these levy ? 15% interest or 15% penalty? Per annum or what? & when it is required to be paid (i.e. whether after completion of 8yrs?) ?
are you sure that no other action will be taken like confiscation of Capital Goods etc. ?
here is a forum discussion too..
https://www.caclubindia.com/forum/consequences-in-case-of-default-in-epcg-scheme--117240.asp
can you please give me the reference of these levy ? 15% interest or 15% penalty? Per annum or what? & when it is required to be paid (i.e. whether after completion of 8yrs?) ?
are you sure that no other action will be taken like confiscation of Capital Goods etc. ?
here is a forum discussion too..
https://www.caclubindia.com/forum/consequences-in-case-of-default-in-epcg-scheme--117240.asp
20 December 2010
dear sir,
agree with shri bhagat G,
please refer to para 5.14 of foreign trade policy ,2002-07
"In case, EPCG licence holder fails to fulfil prescribed export obligation, he shall pay duties of Customs plus 15% interest per annum to the Customs autohrty"
LINK IS :- http://dgftcom.nic.in/exim/2000/procedures/bchap-5.htm
and also para 5.5.2 of the ftp 2010-11, verify its.
Regards,
agree with shri bhagat G,
please refer to para 5.14 of foreign trade policy ,2002-07
"In case, EPCG licence holder fails to fulfil prescribed export obligation, he shall pay duties of Customs plus 15% interest per annum to the Customs autohrty"
LINK IS :- http://dgftcom.nic.in/exim/2000/procedures/bchap-5.htm
and also para 5.5.2 of the ftp 2010-11, verify its.
Regards,
20 December 2010
for more information you must read :-
CUSTOM NOTIFICATION NO. 49/2000 DATE 27/04/2000.
REGARDS,
CUSTOM NOTIFICATION NO. 49/2000 DATE 27/04/2000.
REGARDS,
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