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of <h1>Revised DEPB Guidelines on PMV Verification and Show Cause Notices Under Customs Act Section 28</h1> The circular revises guidelines for determining and verifying the Present Market Value (PMV) under the DEPB Scheme, clarifying that the statutory five-year period for issuing Show Cause Notices in cases of fraud, collusion, willful misstatement, or suppression of facts under the Customs Act, 1962, remains applicable. It allows the Commissioner of Customs to extend the three-month inquiry period as necessary when such issues arise, with reasons recorded in writing. In these cases, provisional clearance of consignments and provisional assessment of shipping bills are permitted, but DEPB scrip benefits are withheld until the inquiry concludes and assessments are finalized. If the declared PMV is disputed, a Show Cause Notice must be issued. The circular also authorizes retrospective inquiries for prior consignments where such circumstances exist, enabling modification or denial of DEPB benefits accordingly.
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