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of <h1>Customs Verify Export Declarations Under DEPB Scheme; Licensing Authorities Ensure Correct Credit Rates</h1> The circular clarifies the role of Customs authorities under the Duty Entitlement Pass Book (DEPB) Scheme for exports during 1997-2002. Customs are responsible only for verifying the accuracy of the exporter's declaration regarding product description, quantity, and FOB value in the Shipping Bill. Licensing authorities must ensure the correct credit rate is applied as per DGFT notifications. Exporters must declare the Present Market Value (PMV) of goods, which includes excise duty, sales tax, and other local taxes, and is higher than FOB price. Customs officers may verify PMV during Shipping Bill processing and goods examination, using references such as AR-4, excise invoices, or market prices. If PMV appears inflated, the matter is referred to the Assistant Commissioner (Export) for market inquiries. Provisional clearance may be granted pending final PMV verification, which should be completed within one month. The circular mandates issuing public notices to inform stakeholders of these procedures.
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