Dispensing with maintenance of records in a specific format prescribed by the Central Excise Department and acceptance of records maintained in the normal course by the factories paying Central Excise duly exceeding Rs. 5 crores from account

Central Excise Department allows factories paying over Rs. 5 crores duty to maintain private records from June 1, 1999.

The circular from the Central Excise Department allows factories paying more than Rs. 5 crores in central excise duty annually to maintain their own records instead of following a specific format. This change, effective from June 1, 1999, aims to simplify procedures and promote voluntary compliance. Factories must inform the Commissioner of Central Excise in writing about the private records they maintain, which will replace statutory records but must be kept for at least five years. The Commissioners are instructed to monitor the scheme's effectiveness and issue a trade notice to facilitate its implementation.