Subject: Granting and utilisation of credits under the old passbook scheme (operated under Exim Policy 1992 – 1997)
DGFT have issued a Policy Circular No. 23(RE -98) / 98-99 dated 17.7.1998 on this issue (copy enclosed). The instructions laid down under this Circular are hereby brought to the notice of all concerned for necessary action at their end. It is understood that in some Custom Houses credits have not been allowed in the Pass Book till date.
Commissioners may please send a report of total No. 6 pending Pass Book in which credits are still to be allowed.
Subject : Clarification on the erstwhile Pass Book scheme issued under Exim Policy, 1992- 97 – Regarding utilisation of credits.Online GST Certification Course by TaxGuru & MSME- Click here to Join
Kind attention is invited to Policy Circular No. 1/97-98 dated 1.4.1997 and Policy Circular No. 32/97-98 dated 31.12.97 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 Circulars, it has now been decided that the credits earned under the Pass Book Scheme shall be valid for 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 31.21.19881.
The issues with the approval of Director General of Foreign Trade.