Para 4.26
- Document type
- Procedure
- Reference no.
- 04
- Dated
Redemption
Redemption 4.26
In case the export obligation has been fulfilled, the licensing authority shall redeem the case.
After redemption, the licensing authority shall forward a copy of the redemption letter indicating the shipping bill number(s), date(s), FOB value in Indian rupees as per shipping bill(s) and description of export product to the Customs authority at the port of registration.
Before discharging BG/LUT against r Physical Exports, the Customs shall verify that the details of the exports as given in the "Redemption Certificate" are as per their records. However before discharging BG/LUT against Intermediate Supplies and Deemed Exports, the Customs shall verify the details of the supplies from the Central Excise authorities/Bond Officer.
Ordinarily, redemption of BG/LUT shall not preclude the customs authority from taking action against the licence holder for any misrepresentation, mis-declaration and default detected subsequently.
Further the licensing authority shall also take action against the licensee in case of non submission of duly filled in Appendix 23, as stipulated in paragraph 4.30 of the Handbook, vol. 1 or for any mis- representation, mis-declaration and default detected subsequently in the details declared & furnished in Appendix 23. An endorsement to this effect should be made by the licensing authority in the redemption certificate.
(Last sub-paragraph has been added vide PN.NO. 60/2005, DT. 10/10/2005)
In case the export obligation has been fulfilled, the licensing authority shall redeem the case.
After redemption, the licensing authority shall forward a copy of the redemption letter indicating the shipping bill number(s), date(s), FOB value in Indian rupees as per shipping bill(s) and description of export product to the Customs authority at the port of registration.
Before discharging BG/LUT against r Physical Exports, the Customs shall verify that the details of the exports as given in the "Redemption Certificate" are as per their records. However before discharging BG/LUT against Intermediate Supplies and Deemed Exports, the Customs shall verify the details of the supplies from the Central Excise authorities/Bond Officer.
Ordinarily, redemption of BG/LUT shall not preclude the customs authority from taking action against the licence holder for any misrepresentation, mis-declaration and default detected subsequently.
Further the licensing authority shall also take action against the licensee in case of non submission of duly filled in Appendix 23, as stipulated in paragraph 4.30 of the Handbook, vol. 1 or for any mis- representation, mis-declaration and default detected subsequently in the details declared & furnished in Appendix 23. An endorsement to this effect should be made by the licensing authority in the redemption certificate.
(Last sub-paragraph has been added vide PN.NO. 60/2005, DT. 10/10/2005)