: Export obligation period for Advance Authorisation & EPCG extended till 31st Dec, 2021 #finance #StockMarketNEWS Export obligation period for Advance Authorisation & EPCG extended till 31st Dec, 2021

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Export obligation period for Advance Authorisation & EPCG extended till 31st Dec, 2021 #finance #StockMarketNEWS
Export obligation period for Advance Authorisation & EPCG extended till 31st Dec, 2021 New Delhi, Sept 24 (KNN) The government has extended the export obligation period for Advance Authorisation and EPCG till 31st December, 2021, owing to supply side disruptions caused by the pandemic.

It will help all those who could not meet the export obligation either due to local lockdowns or container shortage or skyrocketed freight or lockdown in the export destinations.

Exporters feel the move will also help in generating additional exports further helping the country to reach the new milestone of USD 400 Bn besides job creation and attendant benefits for the economy.

Dr Sakthivel, President, FIEO thanked the Minister of Commerce & Industry and Textiles for providing much needed relief to services exporters.

He said, “The notification will ease the liquidity problem of services exporters particularly benefitting the travel, tourism and the hospitality sector, the worst victim of the pandemic.”

The last date of filing such claims is 31st Dec, 2021, which should not cause much problem as SEIS benefits are post realisation and for services exports effected by 31st March 2020, the realisation has already been made.

“As regards the cap of INR 5 crore for each IEC holder, we will take up with the Government as services are much impacted during the Covid and require little more support. Since services sectors now have been made eligible for SEIS both for 2018-19 and 2019-20, the flow of scrips will lessen the credit burden on them,” said Dr Sakthivel.

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