Govt tightens advance licence scheme
The government has amended certain provisions in the advance licence scheme for exporters with a view to tighten it further for preventing any misuse.
By PTI |
NEW DELHI: The government has amended certain provisions in the advance licence scheme for exporters with a view to tighten it further for preventing any misuse.
As per the amendments, redemption certificates under the advance licence would have to be endorsed by the licencing authority.
Besides, each advance licence holder will have to maintain a true and proper account of consumption and utilisation of duty free imported or domestically produced goods against advance licence which will have to be submitted in a given format alongwith signature of chartered accountant and a cost and works accountant with his registration number.
The licensee will also be required to furnish details for the licences which have been redeemed in the last licencing year, official sources told the media.
These records would have to be preserved for a period of atleast three years from the date of redemption, they said, adding the licensees would also have to provide copies of documentary evidence.
The move follows reports of misuse of licences in the recent car import scam. The Directorate of Revenue Intelligence had arrested one Sanjay Bhandari who had taken a number of licences from Directorate General of Foreign Trade in the name of his hotel and a resort. Bhandari was allegedly importing second hand cars, refurbishing them and selling them to certain high-profile customers in Delhi and Kolkata.
The DGFT had set up an intra-departmental committee to look into export promotion schemes like advance licences, Export Promotion Credit Guarantee scheme and others to tighten them for preventing their misuse.
As per the amendments, redemption certificates under the advance licence would have to be endorsed by the licencing authority.
Besides, each advance licence holder will have to maintain a true and proper account of consumption and utilisation of duty free imported or domestically produced goods against advance licence which will have to be submitted in a given format alongwith signature of chartered accountant and a cost and works accountant with his registration number.
The licensee will also be required to furnish details for the licences which have been redeemed in the last licencing year, official sources told the media.
These records would have to be preserved for a period of atleast three years from the date of redemption, they said, adding the licensees would also have to provide copies of documentary evidence.
The move follows reports of misuse of licences in the recent car import scam. The Directorate of Revenue Intelligence had arrested one Sanjay Bhandari who had taken a number of licences from Directorate General of Foreign Trade in the name of his hotel and a resort. Bhandari was allegedly importing second hand cars, refurbishing them and selling them to certain high-profile customers in Delhi and Kolkata.
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The DGFT had set up an intra-departmental committee to look into export promotion schemes like advance licences, Export Promotion Credit Guarantee scheme and others to tighten them for preventing their misuse.
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