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Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2015 What is meaning of Advance License and Duty drawback policyto be follwed in Exports. Pls clarify, Thanks

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)

21 February 2015 An advance licence is granted for the import of inputs without payment of basic customs duty. Such licences shall be issued in accordance with the policy and procedure in force on the date of issue of the licence and shall be subject to the fulfillment of a time-bound export obligation, and value addition as maybe specified. Advance licences maybe either value based or quantity based.

As per the latest amendments to the EXIM Policy, the facility of Back to Back Inland Letter of Credit has been introduced, to enable an Advance Licence holder to source his inputs from domestic suppliers.

& BEFORE EXPORT YOU MUST MENTION ADVANCE LICENCE NO DATE AND FILE NO description, quantity and quality mentioned in the shipping bills.

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