Minutes of the Monthly Modvat Meeting held at Bombay on 22-4-1989 - Point No. 27 - Request for issue of clarification regarding admissibility of money credit under Notification. No. 192/87, dated 12-8-1987 - Central Excise - 24/89

Minutes of the Monthly Modvat Meeting held at Bombay on 22-4-1989 - Point No. 27 - Request for issue of clarification regarding admissibility of money credit under Notification. No. 192/87, dated 12-8-1987 Circular No. 24/89 Dated 30-6-1989 [From F.No. 263 / 32 / 89-CX.8] Government of India Ministry of Finance (Department of Revenue) Central Board of Excise Customs, New Delhi Subject : Minutes of the Monthly Modvat Meeting held at Bombay on 22-4-1989 - Point No. 27 - Request for issue of clarification regarding admissibility of money credit under Notification. No. 192/87, dated 12-8-1987 . I am directed to refer to the minutes on Point No. 27 of the monthly Modvat meeting held with the trade representatives at Bombay on 22-4-89 regarding admissibility of money credit under Notification No. 192/87 dated 12-8-1987. It has been represented by the trade that in view of the time lag between the issue of the Notification No. 192/87-C.E., dated 12-8-1987 and the Trade Notices by the various Collectorates specifying the procedure to be followed thereunder, the manufactures of soap are being denied money credit during the intervening period. The matter has been examined by the Board. It has been decided that money credit should not be denied during the intervening period (i.e. from 12-8-1987 till the issue of Trade Notices by the Collectors) if the Collectors are satisfied from the private records of the assessees that the said oils had actually been used for the purpose specified in the notification. Each case may be examined and decided by the Collectors on merit. Field formations and trade interest may be suitably informed.