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. 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.
