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<h1>Conversion option for pending value-based advance license applications permitted; alternatively drawback claim allowed under new Exim Policy.</h1> No value-based Advance Licenses will be issued from 1 April 1997; pending applications filed before that date may be converted into Advance Licenses under the new Exim Policy and Handbook of Procedures without fresh applications, or applicants may claim drawback in lieu. Passbook Scheme exports are barred from 1 April 1997, though exports on or before 31 March 1997 remain eligible for credit, which may be used for imports within one year from grant, subject to licensing authority approval.
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