Reversal of Modvat credit and payment of interest where exports were effcted under Value Based Advance Licence before 31.1.97.under Special Scheme - Regarding

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..... yment of interest where exports were effcted under Value Based Advance Licence before 31.1.97.under Special Scheme - Regarding I am directed to enclose the text of the scheme announced by the Government to allow reversal of the Modvat credit availed by exporters in contravention of the conditions of the Value Based Advance Licensing Scheme which has already been circulated by the Directorate of .....

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..... the date of reversal has to be calculated and deposited by them before 31.1.97 under the Central Excise Head along with the amount of Modvat wrongly availed and calculated as above. Where credit has already been reversed, the exporters shall deposit the interest amount calculated in the manner prescribed above before 31.1.97 under the Central Excise Head. 4. Similar action should also be taken, .....

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..... (8) (9) 6. The Commissioner of Central Excise should submit the particulars in the aforesaid format to Chief Commissioners of Central Excise who will prepare a consolidated report indicating clearly the defaulting units/manufacturers who have not reversed the credit and deposited the interest as stated above and forward his report by 15.2.97 to the concerned Commissioners of Customs for taking .....

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