Current Affairs · Foreign Trade Policy
Under Foreign Trade Policy provisions, if an Indian manufacturer imports raw materials under Advance Authorization but fails to fulfill the export obligation within the stipulated timeframe, what interest rate per annum is applicable on the customs duty saved upon regularisation?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Payment of double the duty saved as a penalty without any interest component.
- 2Forfeiture of the Bank Guarantee and 18 percent interest per annum.
- 3Payment of duty saved plus 15 percent interest per annum to the Customs Authority.✓
- 4Payment of duty saved plus 12 percent interest per annum to the Customs Authority.
Correct answer
Payment of duty saved plus 15 percent interest per annum to the Customs Authority.
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