Policy Circular No. 32 dated 31^st December 1997

Your kind attention is invited to the Policy Circular No. 1/ 97/ 98 dated 1.4.97.

2.     Reference have been received from the various quarters about the crucial date of exports to earn -credit on Pass Book Scheme in the erstwhile Policy (1992-97) and on renewal of Pass Book issued under the Pass Book Scheme.

3.     The matter has since been examined and it has been decided To further clarify that exports under the scheme made on or before 31.3.1997 (where date of Mate Receipt or Bill of Lading, whichever is later, is on or before 31.3.1997) should be eligible of credit date If the date of Mate receipt or Bill of Lading, which is later, falls after 31.3.1997 ,no credit may be given under this Scheme. This is subject to the provisions of Paragraph 15.1 under the heading "Date of shipment/ Despatch in respect of Exports" in the Handbook of procedures (vol.1)

4.     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. Renewal of Pass Book is not necessary for entering or for utilising Credits.

5.     This issues with the approval Director General of Foreign/ Trade/ Commerce Secretary.