Conversion of VABAL into Advance License Under the New Policy - DGFT - 01/97-98

Policy Circular No.1/97-98 Dated the1st April 1997. Conversion of VABAL into Advance License Under the New Policy Attention is invited to Exim Policy 1997-2002and Handbook of Procedures (Vol.1) and (Vol.2). No value based Advance Licenses shall be issued with effect from 1.4.97. However, in respect of pending applications filed before 14.97 for issuance of Value based Advance License where such licenses have not been issued before 14.97,the applicant shall have the option to convert their application into Advance License in accordance with the Exim Policy 1997-2002 and the Handbook of Procedures, (Vol.1) and (Vol.2) 1997-2002. Such application shall be considered by the licensing authority without calling for the applications a fresh in terms of Handbook of Procedures (vol.1) 1997-2002. Alternatively the applicant in such pending cases, shall Also have the option to claim drawback in lieu of issuance of advance license under Exim Policy 1997-2002. No exports shall be allowed with effect from 1.4.97 under the Passbook Scheme in terms of EXIM Policy 1992-97. However, the exports made under the Passbook Scheme on or before 31.3.97 shall be eligible For grant of credit in terms of Exim Policy 1992-97. The credits earned under the Passbook Scheme May be utilized for imports within a period of one year from the date of grant of credit- 63;qis issues with the approval of DGFT. Sd/- (Ajay Sahai) Dy.Director General of Foreign Trade)