Reversal of Modvat credit and payment of interest where exports were effected under Value Based Advance Licence before 31.1.97 under Special Scheme - Issue of Certificate - Regarding

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....of Modvat credit and payment of interest where exports were effected under Value Based Advance Licence before 31.1.97 under Special Scheme - Issue of Certificate - Regarding It has been brought to the notice of the Board that certificates are not being issued to the exporters, who have reversed the modvat credit in terms of the instructions and formula contained in Board's Circular No. 285/1/97-....

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.... with initials on each of the leaf, indicating whether credit has been correctly reversed as per the formula and interest has been fully paid. Where reversal ia not in conformity with the Board's formula, the same can be got determined by Cost Accountant nominated by the Chief Commissioner under section 14A of Central Excise Act, 1944 before issue of any such certificate. In case of part reversal ....