Admissibility of money credit under Rule 57K read with Notifn. No. 231/87, dated 1-10-1987 in respect of ethyl alcohol used in the manufacture of specified goods - Regarding

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....egarding Circular No. 32/90-CX.8 Dated 31-3-1990 [From F. No. 261/12/3/89-CX.8] Government of India Central Board of Excise & Customs New Delhi Subject : Admissibility of money credit under Rule 57K read with Notifn. No. 231/87, dated 1-10-1987 in respect of ethyl alcohol used in the manufacture of specified goods - Regarding. It has been brought to the notice of the Board that money credi....

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....reased rate w.e.f. 1-10-1987. It is therefore felt that money credit should be allowed even in cases where a unit is manufacturing molasses, then the alcohol and then chemicals in the same factory even though a literal interpretation of condition (ii) and proviso thereto of the Notification aforesaid would mean the contrary. Notification No. 231/87 has since been amended by Notification No. 52/89 ....