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of <h1>Clarification on Duty Free Licenses: MODVAT Credit Reversal and Transferability Rules for Exporters Explained.</h1> The circular clarifies the endorsement of transferability on Duty Free Value Based Advanced Licenses in cases where exporters have claimed MODVAT Credit. It modifies a previous circular, stating that if the MODVAT/input stage credit is reversed after goods leave the factory but before or after export, such exports can fulfill export obligations. This is contingent upon a certificate from the Assistant Commissioner of Central Excise confirming the reversal of MODVAT by January 31, 1997, and payment of 20% annual interest for the period the credit was retained. This applies to manufacturer or merchant exporters who specified supporting manufacturers when the license was issued.
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