Related party pricing rules for customs valuation clarified: focus on absence of business interest and price as sole consideration. The amendment restricts the conception of international trade for customs valuation to two related party scenarios-either mutual absence of business interest between seller and buyer, or one sided absence combined with price being the sole consideration-and substitutes references to the Central Government with the Board while adopting the FEMA definitions of foreign and Indian currency.
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Related party pricing rules for customs valuation clarified: focus on absence of business interest and price as sole consideration.
The amendment restricts the conception of international trade for customs valuation to two related party scenarios-either mutual absence of business interest between seller and buyer, or one sided absence combined with price being the sole consideration-and substitutes references to the Central Government with the Board while adopting the FEMA definitions of foreign and Indian currency.
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