Last date for exporters to apply for amnesty scheme extended till 3rd December

The commerce ministry has announced a six-month extension for the application deadline of the amnesty scheme, designed to facilitate a one-time settlement of default in export obligation by specific exporters. The new deadline for availing benefits from the scheme is December 31. The initial deadline was June 30, but due to the extension, eligible exporters now have more time to register for the scheme.

The amnesty scheme is a part of the new foreign trade policy (FTP), which was introduced on March 31. This initiative is primarily aimed at providing relief to exporters who have defaulted on their export obligations. The scheme targets holders of advance and EPCG (export promotion for capital goods) authorizations who have encountered difficulties in meeting their export commitments.

To further assist exporters, the Directorate General of Foreign Trade (DGFT), operating under the commerce ministry, has also extended the deadline for payment of customs duty along with interest. This deadline has been moved to March 31, 2024.

The DGFT issued a public notice stating that the application deadline for the amnesty scheme has been prolonged until December 31, 2023. Under the provisions of this scheme, exporters who have pending cases of default in fulfilling their export obligations can avail the opportunity to rectify their status. This can be achieved by paying all the customs duties that were previously exempted, proportionate to the unfulfilled export obligation. Additionally, interest at a rate of 100 per cent on such previously exempted duties must also be paid.

Overall, the extension of the application deadline for the amnesty scheme provides eligible exporters with an extended timeframe to rectify their default status and settle their outstanding obligations. This is in line with the government’s efforts to support the export sector and facilitate trade.