Epcg obilgation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 December 2013 While importing the machines company has opted the EPCG scheme and executed the party bond at the time of clearing machines from customs around 24 crores export obligations with in the period of 8 years and bank grantee of Rs 90 lcs. In the mean time within 5 years of its operation bankers seized the machines and sold the machines to the bidders. What is the consequence of the party bond and bank guarantee? when asset it self is not with the company how company can comply the export obligation? please inform me is it possible to waive the Bank Guarantee
and export obligation,as due to unavoidable circumstances company failed in its obligation.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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16 December 2013 it seems that you could not got the Export obligation in appropriate time .

produce here all the details epcg licence No:, instalation certificate , ep copies of shipping bill alongwith brc so that after examine liable to solved the matter.

Querist : Anonymous

Querist : Anonymous (Querist)

16 December 2013 No,my question is whether EPCG licensee eligible for waiver of the customs duty saved under the scheme

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RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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17 December 2013 no...before it the we submit the application for EXTENSION OF E.O. IF TIME PASSED IN CONCERNED RDGFT.

before any query post here all the above said details.

Regards,