Freely convertible currency valuation: imports may be debited against remaining CIF balance even if rupee entitlement is exhausted. Debit against advance authorizations and DFIAs must be allowed based on the remaining CIF value expressed in freely convertible currency, regardless of whether the CIF value measured in rupees has been exhausted. Value addition for these schemes is calculated in freely convertible currency and no rupee enhancement is required where foreign exchange remittance is covered by the FCC CIF shown on the authorization; imports are permitted up to the FCC balance subject to other authorization conditions.
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.
Freely convertible currency valuation: imports may be debited against remaining CIF balance even if rupee entitlement is exhausted.
Debit against advance authorizations and DFIAs must be allowed based on the remaining CIF value expressed in freely convertible currency, regardless of whether the CIF value measured in rupees has been exhausted. Value addition for these schemes is calculated in freely convertible currency and no rupee enhancement is required where foreign exchange remittance is covered by the FCC CIF shown on the authorization; imports are permitted up to the FCC balance subject to other authorization conditions.
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