Value declaration compliance requires substantiation of materially divergent import prices or referral to licensing authority for corrective action. For Value Based Advance Licences, declared unit prices must reflect prevailing international prices consistent with Customs valuation. DEEC Book entries allow verification; where actual import prices materially diverge from declared prices, the importer must substantiate the declared CIF valuation before the Licensing Authority, and inability to justify should be referred to that Licensing Authority for corrective action, with requisite instructions to be issued by the Directorate.
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.
Value declaration compliance requires substantiation of materially divergent import prices or referral to licensing authority for corrective action.
For Value Based Advance Licences, declared unit prices must reflect prevailing international prices consistent with Customs valuation. DEEC Book entries allow verification; where actual import prices materially diverge from declared prices, the importer must substantiate the declared CIF valuation before the Licensing Authority, and inability to justify should be referred to that Licensing Authority for corrective action, with requisite instructions to be issued by the Directorate.
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