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of <h1>Central Board of Excise & Customs: No Transfer of Money Credit in Factory Acquisitions; New Declaration Required u/r 57(O).</h1> The circular issued by the Central Board of Excise & Customs addresses the transfer of Money Credit during the acquisition or amalgamation of a factory. It clarifies that there is no provision allowing the transfer of Money Credit from one manufacturer to another. If ownership changes, the new manufacturer must file a fresh declaration under Rule 57(O) to continue under the Money Credit Scheme. The new manufacturer can only claim credit on inputs used in manufacturing after this declaration. Any unutilized credit from the previous owner cannot be transferred. The circular instructs field formations to be informed accordingly.
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