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of <h1>New Rules for Accurate Import Value Declarations in India: Screening & Evaluation Committees to Identify Undervalued Goods.</h1> The Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023, established by the Government of India, aim to ensure accurate value declaration of imported goods. Effective from February 11, 2023, these rules involve a Screening Committee and an Evaluation Committee to identify goods potentially undervalued. The Board can specify such goods, requiring importers to declare values with a Unique Quantity Code and fulfill additional obligations. Exceptions include non-duty imports and government imports. The process is digitally managed by the Directorate General of Valuation, with provisions for reviews and potential extensions of validity periods.
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