Redemption of EPCG CA Certification on Shipping Bills Adequate, Verification not Necessary
The following Trade Notice was issued by the Zonal Jt. DGFT, New Delhi on 11 May 2010.
[Customs Trade Notice No. 01 dated 11th May 2010]
Attention of the trade and industry is invited to the FTP provisions which stipulate that for redemption of EPCG Authorizations, the shipments counted towards fulfillment of specific / additional export obligation (EO) cannot be counted towards fulfillment of average EO imposed on that particular Authorization. Similarly, exports made for fulfillment of specific EO of a particular Authorization cannot be counted towards fulfillment of average EO of another Authorization. This issue was discussed in the last Port Officers Meeting held on 16.11.2009, and suitable amendments in line with the above in ANF5B and Appx 26A for redemption of EPCG Authorisations are under examination in DGFT-Hqrs.
2. In the meanwhile, this office was asking for submission of a statement of shipping bills counted towards fulfillment of average EO at the time of redemption. However, some applicants have expressed their reservation in submitting this list, as the same may contain details of very large number of shipping bills.
3. Accordingly, as a measure of trade facilitation, henceforth, EPCG Authorization holders, while applying for redemption should give following declarations duly counter signed by an independent Chartered Accountant:
a) It is to certify that all shipping bills which have been counted towards fulfillment of specific / additional EO against EPCG authorization No ..dt .., have not been considered towards fulfillment of average EO against the same Authorization and any other EPCG Authorization.
b) It is also to certify that all shipping bills which have been counted towards fulfillment of average EO in EPCG Authorization Number dt have not and will not be counted towards fulfillment of specific / additional EO of this EPCG Authorization and any other EPCG Authorization.
Authorization holders and Chartered Accountant would be fully accountable for these declarations and in case, these are found to be false / misleading, strict penal action under the provisions of FTDR Act, 1992 would be taken.