05 August 2012
Advance license was issued in 1995 and EO was also made by the licensee. The firm closed in 1998. Now in 2011, the firm was issued SCN asking for the EO Compliance details. Defaulter order has also been pasted outside the premises of the proprietor of the firm.
a) What is the time-limit of keeping EO records by licensee ?
b) Is there any time-limit for issuing SCN after non-compliance of EO ?
06 August 2012
As per para 4.22 of handbook of procedure:
EO period for Advance Authorizations issued with input (s) as mentioned in Appendix 30A shall be as per the period stipulated against each entry therein. Facility of extension of EOP shall not be allowed in case of Advance Authorisation issued for these inputs. RA shall make an endorsement in Advance Authorisation to this effect.
As Per Para 4.22.1
"Whenever a ban / restriction is imposed on export of any product, export obligation period in respect of Advance Authorisation already issued prior to imposition of ban, would stand automatically extended for a period equivalent to the duration of ban, without any composition fee.
For the Advance Authorisation (erstwhile licences) where raw sugar has been imported between 21.09.04 and 15.4.08, but the export obligation is yet to be fulfilled, the export obligation period stands automatically extended upto 31.03.2011 without payment of composition fee. Advance licence / authorisation holder has the option to pay the customs duty as applicable, on the date of import for the quantity of import proportionate to unfulfilled E.O. and get the case regularized accordingly.
(This para is amended by DGFT PUBLIC NOTICE No 29/2009-14, Dated : 07-01-2010 )
The closed firm is not having any records with them after passage of around 15 years. However the licensee has fulfilled the obligation has per his knowledge.
I understand that licensee is liable for keeping the records for 3 years. Should the licensee extract the documents by way of RTI from JDGFT ?
CAclubindia
