Present market value declaration: market verification may adjust FOB valuation for drawback where overvaluation is suspected, with senior approval. Admissibility of duty drawback rests on declared FOB value; where intelligence or prima facie evidence indicates inflated invoicing or sub-standard goods, field formations must obtain senior approval and undertake market verification to determine present market value. Verifications that establish artificial inflation should be investigated and decided under the legal framework for export valuation and drawback; verifications must not be routine, must be expeditiously concluded to avoid trade harassment, and administrative guidance and public notices should be issued.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Present market value declaration: market verification may adjust FOB valuation for drawback where overvaluation is suspected, with senior approval.
Admissibility of duty drawback rests on declared FOB value; where intelligence or prima facie evidence indicates inflated invoicing or sub-standard goods, field formations must obtain senior approval and undertake market verification to determine present market value. Verifications that establish artificial inflation should be investigated and decided under the legal framework for export valuation and drawback; verifications must not be routine, must be expeditiously concluded to avoid trade harassment, and administrative guidance and public notices should be issued.
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