New Delhi, Jan 13 (KNN) To settle past concerns related to disagreement involving export obligation defaults, a dispute resolution scheme for exporters is likely to be announced in the upcoming union budget 2023-24.

A time frame of three to six months will be provided to exporters to come clean under the proposed scheme, reported Business Standard.

Two people aware of the likelihood told Business Standard that it could lower the interest to one-third on delayed Customs duty payment and may even waive penalties.

It has been reported that more than 1000 exporters which majorly constitute of MSMEs have been unsuccessful in fulfilling the stipulated export obligation.

This makes them liable to pay the 10 per cent customs duty, along with 15 per cent interest per annum to the customs authorities.

The anticipated scheme will come as a relief to help default exporters with regard to two schemes – the Export Promotion Capital Goods Scheme (EPCG) and Advance Authorisation (AA) Scheme.  (KNN Bureau)