Foreign Trade Procedures 2008-2009 - Directorate General of ...

to deposit an amount equal to 1% of shortfall in FOBvalue in Indian Rupee, through TR in authorised branchof Central Bank of India as above, or through EFT mode.Value wise shortfall shall be calculated with reference toactual quantity of exports and FOB value of realisationwith reference to prorata quantity of imports and CIFvalue. For example, if export performance is only 50%quantitywise, but import has been for complete CIF valuepermitted, then value addition would be calculated on aprorata basis, i.e with reference to 50% of CIF value ofimports. This would accordingly imply that whereAuthorisation holder is unable to export, no penalty onvaluewise shortfall shall be imposed.(iii)(iv)(v)If EO is not fulfilled both in terms of quantity and value,the Authorisation holder shall, for the regularisation, payas per (i) and (ii) above.In case an exporter is unable to complete EO undertakenin full and he has not made any import under Authorisation,Authorisation holder will also have an option to get theAuthorisation cancelled and apply for drawback afterobtaining permission from Customs authorities forconversion of shipping bills to Drawback Shipping Bills.RA shall compare relevant portion of Appendix-23 dulyverified and certified by Chartered Accountant with thatof norms allowed in Authorisation(s) and actual quantityimported against Authorisation(s) in the beginning oflicensing year for all such Authorisations redeemed inpreceding licensing year. In this verification process, in caseit is found that Authorisation holder has consumed lesserquantity of inputs than imported, Authorisation holder shallbe liable to pay customs duty on unutilized value ofimported material, alongwith interest thereon as notified,or effect additional export within the EO period.Time Period For 4.29 Customs duty with interest to be recovered from AuthorisationDepositing Fines,holder on account of regularisation or enforcement of BG / LUT,Customs Duty, Etc.shall be deposited by Authorisation holder in relevant Head ofAccount of Customs Revenue i.e., “Major Head 0037 - Customsand minor head 001- Import Duties” in prescribed T.R. Challan,within 30 days of demand raised by Regional / Customs Authorityand documentary evidence shall be produced to this effect toRA / Customs authority immediately.On receipt of such documentary evidence from Authorisationholder, RA shall intimate details of recovery / deposits made to70