All Duty Credit Scrips for 4% SAD will be Revalidated for Minimum Six Months
[DGFT Policy Circular No. 02 dated 8th October 2010]
Subject: Clarification on the procedure to re-credit 4% Special Additional Duty (SAD) of Customs in DEPB, VKGUY, FPS, FMS, MLFPS scrips.
Attention is invited to Policy Circular No. 22 dated 3.2.2010 wherein the detailed procedure for re-credit of 4% Special Additional Duty (SAD) in the Duty credit scrip was laid down. It was stated therein that “in case the validity of the scrip is less than 6 months on the date of submission of request to the RA, the scrip may be revalidated for 6 months from the date of endorsement for utilization of the re-credit amount so allowed by the RA.”
2. Representations have been received from Trade and Industry that re-credit and revalidation of the scrips is not being allowed in cases where validity of the scrips submitted for such re-credit may have expired on or before the date of submission of the request to the Regional Authority.
3. Intention of the aforesaid provision for revalidation is to allow the utilization of the re-credited amount. Hence, it is clarified that the validity of the re-credited scrips shall be six months from the date of endorsement by Regional Authorities or the original validity of the duty credit scrip, whichever is later. This revalidation shall be irrespective of the fact as to whether the scrip has expired on or before the date of submission of the scrip to the Regional Authority. All the Regional Authorities shall take appropriate action accordingly.
4. Any difficulty in implementation of the aforesaid guidelines shall be brought to the notice of this Directorate immediately.
This issues with the approval of DGFT.