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Granting and utilisation of credits under the old passbook scheme
(operated under Exim Policy 1992 - 1997)
Circular No. 58 dated 11th
August 1998
DGFT have issued a Policy Circular No. 23(RE -98)/
98-99 dated 17. 7. 1998 on this issue (copy enclosed). The instructions laid
down under this Circular are hereby brought to the notice of all concerned for
necessary action at their end. It is understood that in some Custom Houses
credits have not been allowed in the Pass Book till date.
Commissioners may please send a report of total No.
6 pending Pass Book in which credits are still to be allowed.
Policy Circular No. 23 dated 17th July 1998
Passbook Scheme - Credit Valid for one year or upto
March '99'
Clarification on the erstwhile Pass Book scheme
issued under Exim Policy, 1992- 97 - Regarding utilisation of credits.
Kind attention is invited to Policy Circular No.
1/97-98 dated 1.4.1997 and Policy Circular No. 32/97-98 dated 31.12.97 issued on
erstwhile Pass Book Scheme.
2. It has been
clarified in these Policy Circulars that the credits earned under the Pass Book
scheme may be utilised for imports within a period of one year from the date of
grant of credit.
3. In partial
modification of Circulars, it has now been decided that the credits earned under
the Pass Book Scheme shall be alid for period of one year from the date of grant
of credit or upto 31.3.1999 whichever is earlier?
4. All the
Designated Authorities of Pass Book Scheme and Commissioners of Customs are
therefore, advised that they must finalise the claims and grant credits,
wherever admissible, positively latest by 31.21.19881.
The issues with the approval of Director General of
Foreign Trade.
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