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of <h1>Customs Revamps Valuation Process: SVBs to Expedite Related Party Transactions, Reduce Extra Duty Deposit to 1.</h1> The circular addresses the review of procedures by the Special Valuation Branch (SVB) of Custom Houses concerning the valuation of imported goods, particularly in cases involving related party transactions, royalties, and technical agreements. The SVBs will operate in four major cities: Chennai, Calcutta, Delhi, and Mumbai. The criteria for referring cases to SVB, emphasizing prompt investigation and resolution within three months. The extra duty deposit is reduced from 5% to 1%. Commissioners are tasked with monitoring and ensuring timely completion of pending cases, particularly those registered before 1998.
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