Last Updated on October 2, 2024 by The Health Master
Amnesty Scheme
In the dynamic landscape of international trade, the Pharmaceuticals Export Promotion Council of India (Pharmexcil) has sounded the clarion call to exporting member companies for DGFT Amnesty Scheme.
The message is clear: embrace the extended deadline of December 31, 2023, offered by the Directorate General of Foreign Trade (DGFT) Amnesty Scheme.
This initiative marks a crucial one-time settlement opportunity for Advance and Export Promotion Capital Goods (EPCG) Authorization Holders facing default in export obligations.
Understanding the DGFT Amnesty Scheme
1. What is the DGFT Amnesty Scheme?
The DGFT Amnesty Scheme, launched on April 1, 2023, is a strategic move by the Government of India.
It opens a unique window for exporters to rectify defaults in export obligations, presenting a singular chance for resolution.
2. The Significance of the Extended Deadline
Initially slated for applications until June 30, 2023, the scheme’s significance prompted an extension.
The DGFT recognized its importance, granting exporters an extended lifeline until December 31, 2023, to apply and benefit from the scheme.
EPCG Scheme: A Gateway for Exporters
3. EPCG Scheme Overview
The EPCG scheme allows exporters to import capital goods duty-free, covering pre-production, production, and post-production phases for exports.
4. Deadline Dynamics
To avail the amnesty scheme’s benefits, authorization holders must complete the payment of customs duty plus interest by March 31, 2024.
Pharmexcil’s Call to Action
5. Director General’s Insight
Uday Bhaskar, Director General of Pharmexcil, underscores the golden opportunity presented by the scheme.
He emphasizes that this is a chance for authorization holders to regularize their cases without incurring penalties or excessive interest payments.
6. Urgency Before the Deadline
Bhaskar urges eligible exporters to assess their accounts promptly and apply for the scheme before the looming deadline on December 31, 2023.
Eligibility Criteria and Benefits
7. Who Qualifies Under the Scheme?
Exporters falling under the Advance Authorization Scheme and EPCG Scheme can benefit, meeting specified criteria.
8. Timeframe Inclusion
Authorizations issued under the Foreign Trade Policy (FTP) 2009-14 from August 27, 2009, till March 31, 2015, are eligible.
Additionally, authorizations issued under the FTP 2004-2009 and before, with a valid export obligation period beyond August 12, 2013, are covered.
Key Benefits of the DGFT Amnesty Scheme
9. Case Regularization Mechanism
The scheme allows defaulters to regularize cases by paying applicable customs duties proportionate to unfulfilled export obligations, coupled with payable interest.
10. Interest Limitation
Notably, the interest payable shall not exceed 100% of the exempted duty amount.
11. Penalty Waiver
The scheme graciously waives any penalty under the FT (D&R) Act for authorization holders opting for its provisions.
Application Process Demystified
12. Online Application Procedures
To apply under the Amnesty Scheme, authorization holders must file an online application through the DGFT website. The checkbox for the scheme selection is crucial.
13. Detailed Guidelines
The DGFT has provided comprehensive instructions in Policy Circular No. 1/2023-24 (April 17, 2023). Additionally, a manual submission option is available, outlined in Policy Circular 02/2023-24 (June 23, 2023).
Disclaimer: This article contains information derived from the source mentioned below. Our team utilized an AI language model to rewrite and present the news or article in a unique format.
FAQs
Q1: Can exporters still benefit if their authorization falls under older FTPs?
Yes, authorizations under FTP 2004-2009 and earlier are eligible if the export obligation period extends beyond August 12, 2013.
Q2: Is the DGFT Amnesty Scheme a recurring initiative?
No, it’s a one-time opportunity initiated on April 1, 2023, emphasizing the need for swift action.
Q3: What happens if exporters miss the extended deadline of December 31, 2023?
Missing the deadline may result in forfeiting the chance to settle defaults without penalties.
Q4: Can authorization holders seek assistance for the application process?
Yes, detailed guidelines provided by the DGFT offer comprehensive assistance, ensuring a smooth application process.
Q5: Where can exporters access the DGFT Amnesty Scheme application portal?
Exporters can apply online through the DGFT website. The application checkbox for the scheme is pivotal for participation.
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