Financial Daily from THE HINDU group of publications
Tuesday, Apr 05, 2005
Financial Daily from THE HINDU group of publications Tuesday, Apr 05, 2005 |
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Industry & Economy
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Foreign Trade DGFT directive on export obligation default cases K.R. Srivats
New Delhi , April 4 FOREIGN trade licensing authorities have been advised to comply with the decisions of the Settlement Commission in respect of export obligation (EO) default regularisation cases. The Directorate General of Foreign Trade (DGFT) has given a directive to this effect to all licensing authorities. The Foreign Trade Policy 2004-09, which was unveiled in August 2004, had provided that the Settlement Commission in the Central Board of Excise and Customs (CBEC) would from April 1 decide on cases of regularisation of EO default and settlement of customs duty and interest thereon. The Settlement Commission has been empowered to assist firms that defaulted under the foreign trade policy for reasons beyond their control. Further, the empowerment of Settlement Commission was also expected to facilitate merger, acquisition and rehabilitation of sick units. "It has been decided that the Settlement Commission's decision, in so far as customs duty and interest thereon are concerned, may be complied with by the Licensing Authority in cases of EO default under intimation to the Adjudicating Authority for regularisation purposes," a DGFT circular said. However, the circular also held that this would not "prevent the Adjudicating Authority from proceeding to decide the cases otherwise in terms of Section 11 of the Foreign Trade (Development & Regulation) Act, 1992, for imposition of penalty where considered necessary." Section 11 of FTDR Act, among other things, provides the penalties payable for contravention of the provision of this Act or the export and import policy.
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