4.85 — Regularistion of Bonafide Default

Cases of bonafide default in fulfillment of Export Obligation by an exporter who has obtained precious metals from nominated agencies may be regularised provided exporter has paid customs duty along-with interest thereon as notified by DoR. Exporter will have the option to pay customs duty through valid duty credit scrips issued under FTP. The interest / penalty shall be required to be paid in cash. In case of Advance Authorisation, the provisions as given in paragraph 4.49 above shall apply. This shall be without prejudice to any action that may be taken against exporter under FT(D&R) Act, Order or Rules issued hereunder as amended from time to time.