A licence to deceive Posted on July 18, 1994 by Uttam Gupta a-licence-to-deceive Tags: full convertibility, 'Directorate-General of Foreign Trade (DGFT)', 'value based advance licence (VABAL)', 'duty exemption entitlement certification (DEEC) scheme', 'fraudulent' exports', 'IT on remittance receipts', 'hefty premium', 'hawala market', 'market based incentives', 'export promotion'