27 August 2016
In EPCG license condition sheet department mentioned. Authorisation holder shall submit statement of export with in three months from the expiry of block year duly certified by a Chartered Accountant and concerned Bank to the Regional Authority. He shall also submit yearly performance of export to the R.A. by 30th April of every year.
Please clarify me if we are not submit above statement then what are the consequences faced by the organization. It is compulsory to submit the above statement......
If reply is given by @ Rama Krishna sir, explain me brief this is kind request from my side .
29 August 2016
In practice EPCG holders do not submit quarterly reports on the progress of exports certified by Chartered Accountant nor do they submit yearly statements Certified by Bankers. In some cases rather rare the Licensing authority initiated action against EPCG Authorization holders for not complying with these provisions and also imposed fiscal penalty under section 11 of the Foreign Trade ( Development & Regulation ) Act -1992 as amended. In order to obviate the extreme situation in the form of unexpected action by the Regional Licensing authorities I suggest to comply with submission of quarterly reports certified by CA and annual reports by Bankers and keep proof to that effect.
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