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EPCG Redemption or EPCG License Closure is a method by which the DGFT examines your compliance with the task (export obligation) assigned to you by the government. In simple terms, we may state that our government provides significant relief in the form of duty-free imports of capital goods. We at Udyogwardhini, help you to learn about all the processes of Redemption of EPCG license.
If the holder of an EPCG authorization has met all of the EPCG scheme's requirements, he or she must apply to the jurisdictional DGFT office for redemption/closure of the EPCG License. After thorough verification, DGFT issues a Redemption Letter indicating that you have satisfied your commitment.
EPCG is a Customs Scheme that enables an importer (who is an export-oriented business) to import capital goods duty-free. The scheme, however, is subject to an export value equal to six times the tariff savings on the importation of such capital goods within six years of the authorization's issue.With the help of the scheme, we assist in enabling the import of capital goods necessary for the manufacture of high-quality items and in enhancing India's export
Our EPCG services provide duty-free importation of capital items used in pre-production, production, and post-production. We intend to promote export entrepreneurship opportunities through our services. The Indian government provides incentives and financial support to exporters through various initiatives.
EPCG is designed to promote exports, and the Indian government uses it to provide incentives and financial assistance to exporters. This clause may favour heavy exporters. However, it is not suggested to proceed with this program if you do not expect to manufacture in large quantities or sell your products solely within the country, as it may become nearly difficult to meet the scheme's commitments.
The documents required for redemption of EPCG are:
Original EPCG authorization with a debit sheet from Customs.
Certificate of installation.
All import bills of entry with challans for duty payment.
Documents of import ( Invoice, Pkg List, Bill of lading etc. )
(BRC) Bank Realization Certificate
Airway Bill / Bill of lading