I have a query regarding redemption of Advance Authorisation Licence.
We have fulfilled the Export obligation of FOB value as prescribed in the Licence by physical exports. However, Export Quantity as obligated in the Licence was not reached.
Are we liable to pay custom duty for differential quantity of such extent of shortfall?
Secondly, we tried to file another shipping bill with respect to recent export under above said Advance Licence to meet the quantity obligation, but the system is denied to accept the same showing an error message"Foreign currency exceeded". It means, we have already reached the FOB value as obligated in our Licence.
But, DGFT is insisting us to meet both Quantity & FOB also in order to fulfill the export obligation
15 June 2019
Yes, you need to fulfill the EO in Value and Quantity both.You may approch DGFT for enhancing value keeping the quintity as it is for export.You amy also increase quanity and value both for export but do not import the against the increased quanity of export .