5.10
- Document type
- Procedure
- Reference no.
- O
- Dated
Automatic Reduction/Enhancement upto 10% of CIF value and prorata Reduction/ Enhancement in export obligation.
5.10
Automatic Reduction/Enhancement upto 10% of CIF value and prorata Reduction/ Enhancement in export obligation.
If authorization issued has actually been utilized for import of a value in excess, upto 10% of CIF value /duty saved amount of authorization, authorization shall be deemed to have been enhanced by that proportion. Customs shall automatically allow clearance of goods in excess, upto 10% of authorization value/duty saved amount, without endorsement by concerned RA
In such case, authorization holder shall furnish additional fee to cover excess imports effected, in terms of CIF value/duty saved amount, to RA concerned, within one month of excess imports taking place. Export obligation shall automatically stand enhanced proportionately.
In case of utilization being more than 10%, concerned RA as per their financial powers, may endorse as per extant provisions. Authorization holder shall furnish additional BG/LUT to the customs authority.