The Directorate General of Foreign Trade (DGFT) has introduced an Amnesty Scheme for one-time settlement of default in Export Obligation (EO) under the Foreign Trade policy 2023 vide Public Notice No: 2/2023 dated 01.04.2023. The Amnesty Scheme focuses on the following key points:
1. The government is implementing a special one-time Amnesty Program to address non-compliance in Export Obligations by Advance Authorization and EPCG authorization holders in line with the “Vivaad se Vishwaas” initiative, which intended to settle tax problems amicably.
2. The authorization holder may regularize any outstanding instances of export obligation (EO) default for the aforementioned authorizations upon payment of all customs duties exempted in proportion to outstanding export obligation, with a maximum interest cap of 100% of such duties exempted. This is a one-time opportunity for which the deadline to register on the DGFT portal is 30-6-2023.
3. For more details, authorization holders can refer to PN 2/2023 Dated 01.04.2023. Attached herewith
4. Interested Authorisation holders shall register themselves in website www.dgft.gov.in in a separate application form provided for this purpose by filing all relevant details.
C. M. Dayanandan
Director (Policy & Market Research)