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of <h1>Circular Clarifies Money Credit Admissibility on Exports; No Refunds for Intermediate Goods in Exported Products per Rule 57N.</h1> The circular addresses the issue of money credit admissibility on exports discussed during a Modvat meeting in Bombay on May 7, 1990. Trade representatives suggested amending Rule 57N to allow semi-finished goods meant for export to be removed without immediate duty payment, avoiding the need for subsequent refund claims. The Central Board of Excise & Customs examined this and concluded that the money credit scheme, unlike Modvat, does not relate to duty paid on inputs. Consequently, the Board decided against extending refund facilities for intermediate goods used in exported final products. Relevant parties are to be informed accordingly.
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