Additional 3 More Years Allowed for EO Fulfillment under Corporate Debt Restructuring Mechanism

[DGFT Notification No. 70 dated 20^th February 2014]

Subject: Amendment in Chapter 5 of Foreign Trade Policy 2009-14.

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with Para 1.3 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendment in sub-para (b) of Para 5.5.1 of the Foreign Trade Policy (FTP) 2009-14 with immediate effect:

2. A new sub para (c) is being inserted after sub para 5.5.1(b). The new para shall read as under:

5.5.1(c) Wherever the holder of any EPCG Authorization is granted relief under Corporate Debt Restructuring (CDR), then such Authorization holder may be allowed EO extension of 3 years (from the date of approval of the CDR mechanism/scheme). Such extension in EO will not attract any Composition fee and will be in addition to (and not in lieu of) the granting of EO extension, if any, available under Para 5.11 of HBP v1.

Effect of this Notification

Additional time of 3 years for fulfillment of EO may be allowed to the concerned EPCG Authorization holder, if such holder receives relief under Corporate Debt Restructuring mechanism.