Admissibility of DEPB credit and Market verification for ascertaining the present market value under DEPB Scheme -reg

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..... the present market value under DEPB Scheme -reg. Attention is invited to Board's Circulars No.26/2001-Cus dated 24.4.2001, 56/2002-Cus dated 9.9.2002 and 63/2002-Cus dated 27.9.2002. These circulars were issued in the wake of various cases of over-valuation under the DEPB scheme reported by the DRI and field formations. It was brought to the notice of the Board that many unscrupulous exporters h .....

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..... at in all those cases where the PMV declared is less than the FOB value, the DEPB benefit is being allowed only on the PMV. It has been argued by the export promotion bodies that high value added products are bound to have FOB values higher than the PMV and therefore, the principle of granting DEPB credit on the PMV in every case is not correct. 3. The issue has been examined in consultation wit .....

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..... ive destinations and/or where the goods are sub-standard and it appears that the acceptance of the declared value would result in accrual of substantial unintended DEPB benefits. But all such cases should be taken up for investigation only with the express written approval of the Commissioner of Customs. 5. In those cases where it is conclusively proved through the investigations that the FOB va .....

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