New Delhi, Sep 9 (KNN) Based on the reports received by Directorate of Revenue Intelligence and other exporters, the Directorate General of Foreign Trade (DGFT) has warned the exporters, who have incorrectly availed simultaneous benefit of zero percent EPCG and SHIS, to surrender one of the benefits subject to certain conditions.

A time frame of 9 months from provision of option by DGFT is allowed to exporters for returning the benefits.

In a notification, DGFT said, “This Directorate had received references from Directorate of Revenue Intelligence and various exporters, on the subject of incorrectly issued simultaneous benefits of Status Holder Incentive Scheme (SHIS) and Zero Duty EPCG Authorization under Foreign Trade Policy 2009-14.”

The representations have been examined by this Directorate in consultation with Department of Revenue and it has been decided that exporters who have been issued or availed such simultaneous benefit of these schemes shall be allowed flexibility, to the extent specified in this public notice, to choose one of the two schemes.

However, the option to return the benefits is subjected to certain conditions.

The amount shall be paid back to Government in cash. The facility of debiting the amount in valid freely transferable duty credit scrip issued under Foreign Trade Policy or in valid SHIS scrip held by the original holder to whom it was issued, shall be allowed for paying the refund part. However, interest part shall be always paid in cash. (KNN Bureau)