The Directorate of Foreign Trade (DGFT) underneath the Commerce Ministry, on Tuesday, put Airtel on the ‘Denied Entities List’ following the non-fulfillment of export obligations underneath the Export Promotion Capital Goods (EPCG) scheme.
“The Company is working towards an expeditious closure of this matter with the Office of the DGFT and for getting the Company’s name removed from the DEL. It must also be noted that the said action does not limit the ability of the Company to undertake future imports or exports,” Airtel stated in a regulatory submitting on Wednesday.
Airtel additionally stated that it had not utilized for any such license as there was no operational want for a similar.
“The Company has fulfilled all its export obligations under the past licenses and has applied for closure of these licenses along with necessary documents to the authorities in this regard,” it stated.
The EPCG is an export promotion scheme. Under this, import of capital items are allowed at zero customs responsibility for manufacturing high quality items and providers.
Under the scheme, capital items imported at zero responsibility should fulfil EPCG export obligation equal to six occasions of responsibility saved on the capital items.
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