Clarification on the erstwhile Pass Book Scheme issued under Exim Policy, 1992-97. Regarding last date for grant of credit and utilization of credit - DGFT - 66(RE-98)/1998-1999

POL CIR NO. 66(RE-98)/1998-1999 DT 17-02-1999 Sub: Clarification on the erstwhile Pass Book Scheme issued under Exim Policy, 1992-97. Regarding last date for grant of credit and utilization of credit. Sir, Kind attention is invited to Policy Circular No. 23 (RE-98) dated 17.7.1998 and Policy Circular No. 52 (RE-98) dated 18.11.98 issued on the subject mentioned above. 2. Representations have been received by the office from various exports and Associations that a number of cases are pending with customs authorities for grant of credit. 3. The matter has been eximined in the light of Notification No. 12/99-CUSTOMS dated 1.2.1999 issued by Department of Revenue. It has now been decided that the Designated Authorities of Pass Book Scheme and Commissioner of Customs must finalize the claims and grant credits, wherever admissible, positively by 31.3.1999. The credit granted under the Pass Books can be utilized on or before 30.6.1999 and the unutilised credit shall lapse. This issues with the approval of Director General of Foreign Trade. Sd/- (L. B. Singhal) Jt. Director General of Foreign Trade.