Automatic EO extension in the event of a ban on the export product under EPCG Scheme
Introduction
If you closely look at Para 5.20 of the Handbook of Procedures (HBP) 2015-20 you will obtain a crystal image of the Automatic export obligation extension in the event of a ban on the export product. Make sure that you are all able to get a good grip of every word that has been stated inside the Handbook of Procedures as you would not like things going here and there shortly due to any reason.
What is Automatic export obligation extension in the event of a ban on the export product under the EPCG Scheme all about?
So let’s dive deep into the procedure of automatic export obligation to acquire a better sense of clarity about the same. If in any kind of case, there is some sort of ban or restriction that is placed on the export of any product, then in that particular case the export obligation period in respect of EPCG authorisations that have been already issued before the imposition of the ban on such export products will automatically stand for an extended period which is equivalent to the duration of such ban and that too without any composition fee.
In the case that we have read above, the authorisation holder will not be asked by the respected authority that is the Directorate General of Foreign Trade (DGFT) to maintain the average export obligation as well for the ban period.
Conclusion
Hey, my friend, it is pretty simple it does not matter if you are a person who is engaged in the field of export and import for a while or you are a complete fresher to the world of import and export of a different variety of goods and services. It is always good to have some knowledge with you on different topics as it will help in some way or the other in your walk of life.
Make it a point to be that person in the room who just knows it all, as it will give you an edge over the other people in the room. The automatic export obligation extension plays a pivotal role in the event of a ban on export products or services under the EPCG Scheme.
If you have all the documents ready and if your documents turn out to be true and correct in all prospects in the eyes of the respected authority, then the process will be taken forward at a faster pace, however in the other case if there is something fishy in your documents, then the authorities will double-check and verify every document present in your file. Do not try to fool the authority as they get to know pretty easily when an authorisation holder is being their true self and when they are just trying to manipulate the facts.
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