Fraud and misdeclaration cases under investigation will not be covered by the amnesty scheme announced under the new Foreign Trade Policy (FTP), the Ministry of Commerce and Industry announced.
“Cases under investigation or cases adjudicated for/involving fraud, misdeclaration or unauthorised diversion of material and/or capital goods will be excluded from the coverage,” according to the announcement.
The government announced the new FTP on 31 March, which included an amnesty scheme for exporters for one-time settlement of default in export obligation by holders of advance and EPCG (export promotion for capital goods) authorisations.
Under the scheme, all pending cases of the default in meeting the export obligation (EO) of certain authorisations can be regularised by the authorisation holder on payment of all customs duties that were exempted in proportion to unfulfilled EO and interest at the rate of 100% of such duties exempted.
Authorisation holders interested in availing of the scheme need to register with the Directorate General of Foreign Trade before 30 June, and complete the payment of customs duty plus interest by 30 September 2023.