Dgft-advance authorisation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 August 2016
We have imported and exported using advance lic but payment is outstanding from the party ......so can we claim custom duty paid
29 August 2016
If an exporter fails to realize export proceeds within the time specified by RBI is shall liable to pay penalty and return all benefits/ incentives availed against such exports. Consequently you will be required to return all export benefits such as Duty Draw back or FPS or FMS and Customs Duty along with interest on the duty free inputs imported under the Advance Authorization. You will be further liable for action under Foreign Trade (D&R) Act-1992 as amended and FEMA 1999.
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