Redemption of EPCG CA Certification on Shipping Bills
Adequate, Verification not Necessary
The following Trade Notice was issued by the Zonal
Jt. DGFT, New Delhi on 11 May 2010.
[Customs
Trade Notice No. 01 dated 11th May 2010]
Attention of the
trade and industry is invited to the FTP provisions which stipulate that for
redemption of EPCG Authorizations, the shipments counted towards fulfillment of
specific / additional export obligation (EO) cannot be counted towards
fulfillment of average EO imposed on that particular Authorization. Similarly,
exports made for fulfillment of specific EO of a particular Authorization
cannot be counted towards fulfillment of average EO of another Authorization.
This issue was discussed in the last Port Officers Meeting held on 16.11.2009,
and suitable amendments in line with the above in ANF5B and Appx
26A for redemption of EPCG Authorisations are under
examination in DGFT-Hqrs.
2. In the
meanwhile, this office was asking for submission of a statement of shipping
bills counted towards fulfillment of average EO at the time of redemption.
However, some applicants have expressed their reservation in submitting this
list, as the same may contain details of very large number of shipping bills.
3. Accordingly,
as a measure of trade facilitation, henceforth, EPCG Authorization holders,
while applying for redemption should give following declarations duly counter
signed by an independent Chartered Accountant:
a) It is to
certify that all shipping bills which have been counted towards fulfillment of
specific / additional EO against EPCG authorization No
..dt
..,
have not been considered towards fulfillment of average EO against the same
Authorization and any other EPCG Authorization.
b) It is
also to certify that all shipping bills which have been counted towards
fulfillment of average EO in EPCG Authorization Number
dt
have not and will not be counted towards fulfillment of specific / additional
EO of this EPCG Authorization and any
other EPCG Authorization.
Authorization holders and
Chartered Accountant would be fully accountable for these declarations and in
case, these are found to be false / misleading, strict penal action under the
provisions of FTDR Act, 1992 would be taken.