Legatus

You are here: Home > Sectors

17/08/2018 03:06pm

DGFT gives one time relaxation on delay in submission of installation certificate under EPCG Scheme

image DGFT gives one time relaxation on delay in submission of installation certificate under EPCG Scheme

New Delhi, Aug 17 (KNN) The Directorate General of Foreign Trade (DGFT) has made one time relaxation in procedure in respect of acceptance of installation certificate under the EPCG Scheme.

One time relaxation and condonation of delay in submission of installation certificate has been given under EPCG Scheme for authorizations issued upto March 31, 2015, without payment of any penalty.

Under the EPCG Scheme, the authorization holders are required to submit the
installation certificate showing installation of the capital goods to the Regional Authorities (RAs) within the prescribed time period.

Sometimes, the submission of installation certificate to the RAs was not within the time prescribed on account of various reasons, including delay in installation of the machinery/delay in issuance of installation certificate etc.

DGFT said the EPCG Committee was receiving requests for condonation of time period of submission of installation certificate to the Regional authorities.

Some of such requests for condonation were considered by the EPCG Committee on payment of composition fee of Rs 5,000.

DGFT said there have been representations from the Trade for accepting the submission of installation certificate without insisting on penalty, if the installation has happened within the specified time prescribed.

It has been requested not to impose any penalty for these authorizations, said DGFT adding that the issue has been considered.

The submission of installation certificate is an important aspect of monitoring of the EPCG Scheme which cannot be postponed till the completion of the EO period.

“Taking into account the representations in this regard and to facilitate the ease of doing business for the purpose, it has been decided to permit the RAs to accept the installation certificate without insisting for penalty in respect of authorization issued upto 31.03.2015 as long as the installation has happened within 18 months from the date of import, provided the EPCG authorization is not under any investigation/ adjudicated by RA/ customs authority/ any other investigative agency,” DGFT notification said.

This relaxation will be available upto March 31, 2019 and there will not be any refund of the penalty already paid, said DGFT. (KNN Bureau)

Share

Related Articles

Comments

    Be first to give your comments.

Write a Comment

Your email address will not be published.
Required fields are marked *