Clarification regarding redemption of Bond within No Sale Period by RLAs - DGFT - 08/2002-2007

Clarification regarding redemption of Bond within No Sale Period by RLAs GOVERNMENT OF INDIA MINISTRY OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE POLICY CIRCULAR No. 08/2002-2007, Dt. 16/07/2002 To All Licensing Authorities, Subject: Public Notice No. 3 dated 31.3.97 - condition of "No Sale Period - 5 years" on vehicle imported thereunder - Clarification regarding redemption of Bond within No Sale Period by RLAs. Representations/requests seeking clarification on "No Sale Period" have been received from the importers - who have made imports of vehicles in terms of the above mentioned Public Notice and executed the requisite Bonds with concerned Regional Licensing Authorities. The matter has been examined and keeping into consideration the provisions of the Public Notice No. 3 dated 31.3.00, which has reduced the no sale period to 2 years, it is clarified that with regard to the bonds executed by eligible importers under the Public Notice dated 31.3.97, the concerned RLAs on receipt of request for redemption of bonds within No Sale Period of 5 years, may consider such requests and permit redemption before maturity of the said bond subject to the condition that a period of 2 years from the date of imports made has been completed and the vehicle has not been transferred during the intervening period. This issues with the approval of DGFT. ( S.K. BHARDWAJ ) DEPUTY DIRECTOR FOR DIRECTOR GENERAL OF FOREIGN TRADE