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months and DGFT authority (who issues the licence) is empowered to grant further revalidation.
In order to ensure proper accountal of fulfillment of export obligation, the EPCG licence holder
is required to indicate the EPCG licence No/date on the body of the Shipping Bill. After
fulfillment of specified export obligation, the licence holder submits relevant export documents
alongwith EPCG licence to the DGFT authorities for the purpose of obtaining EO discharge
certificate. After obtaining EO discharge certificate from DGFT, the licence holder produces the
same before Customs for the purpose of obtaining redemption of bond/B.G. filed by him. In
order to ensure that the licence holder maintains a specified level of export obligation throughout
the EO period of 5/8 years, in addition to overall EO, yearwise/blockwise EO are also specified.
A gestation period of 1/2 years is allowed for the purpose of installation of capital goods and
commencement of production. 37. In cases where the EPCG licence holder is unable to maintain
the specified level of yearwise/blockwise EO or overall EO., extension of 140
yearwise/blockwise EO period upto a maximum of 1 year/block is allowed by DGFT Authority.
Similarly in cases where the licence holder is not able to fulfill overall EO within specified
period, extension of 1 year is allowed. In case of default in EO the licence holder has to pay
differential Customs duty alongwith 24% interest per annum on such duty. 38. Exporter of goods
manufactured with the help of Capital Goods imported under the EPCG Scheme is entitled to
input duty incidence neutralisation benefits like Drawback, DFRC, Advance Licence, etc. in
accordance with the terms of the individual scheme(s).