Export Obligation Period Extension for Raw Cashew
Policy Circular No . 17/2015—2020, Dated : 14th January, 2019.
Issued by : DGFT
Cashew Export Promotion Council has approached this Directorate with difficulties being faced by the cashew industry due to introduction of 5% Customs Duty w.e.f. 01.03.2016 and unawareness of their members about Advance Authorization Scheme. It has reported that many of its member exporters are facing difficulties in exports during stipulated Export Obligation Period. Cashew EPC has requested that six months additional Export Obligation Period may be allowed to the Advance authorizations issued to cashew industry.
The Policy Relaxation Committee (PRC) in its meeting held on 03.01.2019 considered the request of the Cashew Export Promotion Council and after detailed discussions, in view of difficulties being faced by Advance Authorization holders, decided, as a one time measure, to allow six months additional extension (beyond permissible extension period in Para 4.42 of the HBP 2015-20) in the Export Obligation Period to advance authorizations issued upto 30.06.2016 involving import of Raw Cashew (SION E8) in relaxation of Policy/Procedure. This additional extension shall be subject to payment of composition fee @1% per month on the unfulfilled FOB value of the export obligation.