Clarification on the erstwhile Pass Book Scheme issued under EXIM Policy, 1992-97 -- Regarding utilisation of credits - DGFT - 23 (RE-98)/98-99

F.No. 1/7/115/97-98/PC.II GOVERNMENT OF INDIA MINISTRY OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE UDYOG BHAVAN, NEW DELHI . Policy Circular No. 23 (RE-98)/98-99 Dated, the 17th July, 1998 To, All Licensing Authorities / Designated Authorities Pass Book Scheme All Commissioners of Customs and Central Excise. The Federation of Indian Export Organisation, New Delhi. The Export Promotion Councils / Commodity Boards All Chambers of Commerce and Industries / Association on the Mailing List Subject : Clarification on the erstwhile Pass Book Scheme issued under EXIM Policy, 1992-97 -- Regarding utilisation of credits. Sir, Kind attention is invited to Policy Circular No. 1/97-98 dated 1.4.1997 and Policy Circular No. 32/97-98 dated 31.12.1997 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 the Circulars, it has now been decided that the credits earned under the Pass Book Scheme shall be valid for a 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 31.12.1998. This issues with the approval of Director General of Foreign Trade. Yours faithfully, (L.B. Singhal ) DY. DIRECTOR GENERAL OF FOREIGN TRADE