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NFMIMS - UNDER HIGHSEAS SALE, Customs - Exim - SEZ |
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NFMIMS - UNDER HIGHSEAS SALE |
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Dear All, We sale import to our sister concern under the High Seas Sale. The product is Copper. As per the New FTP - We have to obtain registration certificate from the NFMIMS website before the arrival of the vessels. We have taken NFMIMS Certificate in the name of original importer and not second importer who by the copper under the High Seas Sale. The reason is that at the time of issue of NFMIMS Certificate, we have to mention foreign currency and in High Seas Sale - the invoice amounts under the INR. Now, custom officer raised the objection that NFMIMS should be in the name of the last purchaser who buys under the High Seas Sale. They try to taking disadvantage of their positions which is comes around in Lakhs. The value of certificate is INR 500/- only and it is only to collect the date of metals imported in India. Can anybody informed us the rules or notification to import metal / copper under the High Seas Sale ? Regards, Ritesh Dave Posts / Replies Showing Replies 1 to 2 of 2 Records Page: 1
2 options - 1. The High sea sale purchaser could write to the customs officer stating that he is paying in INR and getting an INR invoice and the form does not have provision to enter the INR. So what details he should enter to register. OR 2. Fill foreign currency equivalent amount of the INR paid (since the original importer will not disclose his purchase price) and when questioned this reason can be mentioned.
High Sea Sales (HSS) transactions, particularly for non-ferrous metals, are subject to specific regulatory requirements, including DGFT registration under the Non-Ferrous Metals Import Monitoring System (NFMIMS) and the declaration of the correct value to Customs. 1. High Sea Sales TransactionA High Sea Sale (HSS) transaction refers to the sale of goods that are still in transit and have not yet reached Indian shores. These goods are sold by a foreign seller to an Indian buyer before they arrive in India, but the goods are cleared by the buyer after arrival. In such transactions, the goods remain under the ownership of the seller until they reach the Indian customs port, but the buyer assumes the risk of the goods as soon as the sale is concluded. 2. Non-Ferrous Metals Import Monitoring System (NFMIMS) Registration with DGFTAs of the recent amendments, importers of non-ferrous metals such as aluminum, copper, lead, zinc, etc., need to register with DGFT (Directorate General of Foreign Trade) under the Non-Ferrous Metals Import Monitoring System (NFMIMS) before they can import such metals into India. This system aims to monitor and regulate the import of non-ferrous metals and ensure that imports are aligned with policy requirements, including the proper valuation and declaration of transactions. NFMIMS Registration Process:
3. Value to be Declared to Customs for High Sea SalesWhen it comes to declaring the value to Customs for High Sea Sale transactions, the Customs Department requires the transaction value to be properly declared at the time of clearing the goods. Value for Customs Declaration:The transaction value for goods in High Sea Sales is based on the actual sale price between the seller and buyer, which is commonly known as the High Sea Sale Price.
4. Customs Duty Calculation and Payment:Once the Customs value is determined, Customs duties will be calculated based on the transaction value. These duties may include:
The import duties are assessed based on the declared customs value (transaction value of the high sea sale) and the applicable duty rates. Key Takeaways:
By following these steps, importers can ensure that they comply with the regulations governing High Sea Sales transactions and the importation of non-ferrous metals under Indian customs laws. Page: 1 |
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