If an exporter fulfils his export obligation against his Advance License; then he has to redeem the license from the DGFT. In this video, we have discussed in detail about the Redemption procedure of Advance License from DGFT.
Documents needed for applying for Advance License Redemption:
1. Digital Signature Certificate Class III for DGFT Purpose
2. Valid RCMC of a relevant Export Promotion Council
3. Proof of export i.e. Shipping Bills and corresponding eBRCs as proof of payment
4. Import Bills of entries
5. Statement of Export and Import Duly Certified by Chartered Accountant (CA) with UDIN Number
Procedure to apply for Redemption:
As a part of the New and Revamped IT Systems at the DGFT, the process for application of redemption of advance license has been taken completely online as per the DGFT Trade Notice Dated 30th March 2021.
A checklist of key points to be considered before applying for Redemption of Advance License:
1. Whether the export obligation is fulfilled within the stipulated period?
2. Whether the details of the exported product mentioned on the shipping bill matches the product details mentioned on the Advance License and SION (i.e. Standard Input Output Norms) or Ad-hoc Norms?
3. Similarly, the Import Items (that were imported duty free under advance license) should be correctly endorsed on the shipping bills i.e. the import product details should correctly match with the details on the advance license and SION or Ad-Hoc Norms
4. Whether the shipping bill mentions the correct Advance License Number?
5. Whether the norms are fixed for the advance license?
How can we help you?
We are A V International; India’s leading Customs and DGFT Consultants. We have a rich experience of more than 30 years in this industry. We specialise in solving redemption cases concerning Advance Licenses and EPCG Licenses.
We have the requisite domain knowledge and experience of successfully closing advance license redemption cases that were older than 20 years.
We have represented our cases to Policy Relaxation Committee, New Delhi and have successfully obtained policy relaxation for many of our clients.
Additionally, we have handled adjudication matters and have been successful in getting redemption without payment of any penalty.
All in all we provide a one stop solution for all your needs related to Advance License and EPCG License.
Therefore, do let us know in case you need any help or assistance in filing for redemption of your advance license or issuing a fresh new advance license. Our team of experts will be happy to assist you.
For more information about our company please visit our website - www.avigroup.in
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Thank you and happy exporting!
