( 1 ) IT is brought to our notice today by the learned counsel for the petitioners that the Central Board of Excise and Customs has since issued a circular dated 3-1-1997 modifying the earlier scheme and permitting reversal of Modvat Credit availed of by the exporters of goods under value based advanced licensing scheme in contravention of conditions of the scheme. The circular states that where the exporters have availed of Modvat Credit in contravention of the conditions of Customs Notification No. 203 of 1992, such contravention shall be condoned on condition that such exporters reverse the Modvat Credit and pay interest at the rate of 20% per annum on the amount of credit availed of by them, on or before 31-1-1997. If they do so, it is directed that neither the exporters shall be prosecuted for violation of the said condition nor shall the duty be demanded on the imports made on the basis of those licences. If this circular is true, it is obvious, that it knocks the bottom out of the entire case of the Revenue against the exporters as well as the purchasers from the exporters involved herein. ( 2 ) WE may also mention in this regard that according to NALCO which is the exporter herein, it has availed of Modvat Credit in a sum of Rs 40,65,000 in all. NALCO says, it has already reversed the entries and has credited back the amount. It is also stated today that NALCO has since paid a sum of rs 4,07,881 by way of interest on the said amount in accordance with the aforesaid circular. The payment is said to have been made on 18-1-1997. ( 3 ) WE may, however, record that according to the Revenue, the amount of modvat Credit availed of by NALCO is in the region of Rs two crores. Regarding this there is a dispute between the parties. Indeed, it is stated by the learned counsel for NALCO that they have written a letter to the Central excise authorities to intimate NALCO of the correct amount of Modvat credit availed of by them so that they can pay the said amount, as per the aforesaid circular. We expect the authorities to act promptly on the said application and apprise NALCO of the precise amount of Modvat Credit availed of, as a whole. We expect the authorities to act promptly on the said application and apprise NALCO of the precise amount of Modvat Credit availed of, as a whole. ( 4 ) WE also record the fact that NALCO has already given an undertaking that if any import duty is payable on the licences in respect of the imports already made by the purchasers, they shall pay the same. ( 5 ) A request is made on behalf of Raj Exports that in view of the aforesaid developments the imports made by them should be allowed to be cleared without payment of any duty. An equally important submission made is that the Customs authorities be directed to issue a detention certificate which may help the importers in having the warehouse charges reduced or waived, as the case may be. On this question, we would like to hear the revenue. List these matters on 22-1-1997.