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of <h1>New Circular Updates Valuation Process for Imported Second-Hand Machinery; Chartered Engineers to Replace PSIAs.</h1> The circular addresses the valuation process for second-hand machinery imported into India. It supersedes the previous Circular No. 25/2015 and clarifies that Pre-Shipment Inspection Agencies (PSIAs) are not qualified to appraise such machinery. Instead, inspection reports from Chartered Engineers in the country of sale are required. If unavailable, importers can use engineers empanelled by Indian Customs. The circular outlines procedures for determining the assessable value of machinery, considering factors like refurbishment and pre-shipment costs. It mandates Customs Houses to empanel qualified Chartered Engineers for inspections, discontinuing the reliance on PSIAs for valuation.
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