I am guessing but since you want the pinch the Trahsmission band closer together I believe you would turn the inner Screw inwards.

From what I have read. My own transmission does not have the Adjustment you are speaking of. On some of the older Transmissions the Rear Band adjustment screw was made with some sort of tamper proof Screa where the Head is made to break off while others have an unmolested adjustment screw.

There is at least on thread about that.

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84 300D, 82 Volvo 244Gl Diesel