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of <h1>Customs Valuation Rules 2007: Transaction Value Key for Export Goods, Relationship Impact, and New Declaration Requirements.</h1> The circular addresses the Customs Valuation (Determination of Value of Export Goods) Rules, 2007, which came into effect on October 10, 2007. It emphasizes the acceptance of transaction value as the primary basis for export goods valuation, even if the buyer and seller are related, unless the relationship influences the price. If doubts arise about the declared value's accuracy, further investigation is required, but goods should not be detained without approval. The rules aim to prevent overvaluation and misuse of export incentives while facilitating legitimate exports. A declaration format for exporters is introduced, with mandatory filing starting November 12, 2007.
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