Exit from 100%eou stpi unit before meeting export obligation

CA Sheetal Surana (Owner at Sheetal Surana & Associates Snr Marketing coordinator(Visa) Associate(PWC))   (245 Points)

25 January 2012  

Ours is a 100% EOU unit set up under STPI jaipur. Our export obligation mentioned under th approval letter from stpi was US $ 2,50,000 in 5 years.

We had completed 3 years with an export turnover of  US $ 1,00,000.

Now we want to close this company and exit from the stp scheme.

Please advise on how much penalty will be charged since we did not met the export obligation.

Regards.