Cash refund of the accumulated Modvat credit - Regarding

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..... Excise authorities are not sanctioning cash refunds of the accumulated Modvat credit under the provisions of rules 57F (4) of the Central Excise Rules, 1944. As a consequence, large sums of money are lying tied-up in the accumulated Modvat credit account with exporters running into crores of Rupee. 2. The matter has been examined by the Board. Cash refund of the unutilised Modvat credit is an i .....

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