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of <h1>Exporters Must Reverse Modvat Credit with 20% Interest for Pre-1997 Exports Under Value Based Advance Licensing Scheme.</h1> The circular outlines the procedure for reversing Modvat credit and paying interest for exports made under the Value Based Advance Licensing Scheme before January 31, 1997. Exporters who availed Modvat credit in violation of the scheme must reverse the credit and pay 20% interest on the retained amount before the deadline. The calculation method for reversing the credit is specified, and similar actions apply to merchant exporters. Exporters must submit calculation sheets to the Jurisdictional Assistant Commissioner for verification. Commissioners must report non-compliance to Chief Commissioners, who will consolidate and forward reports for further action.
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