NFMIMS - UNDER HIGHSEAS SALE

[Ritesh Dave]

Dear All,

We sale import to our sister concern under the High Seas Sale.

The product is Copper.

As per the New FTP - We have to obtain registration certificate from the NFMIMS website before the arrival of the vessels.

We have taken NFMIMS Certificate in the name of original importer and not second importer who by the copper under the High Seas Sale. The reason is that at the time of issue of NFMIMS Certificate, we have to mention foreign currency and in High Seas Sale - the invoice amounts under the INR.

Now, custom officer raised the objection that NFMIMS should be in the name of the last purchaser who buys under the High Seas Sale. They try to taking disadvantage of their positions which is comes around in Lakhs. The value of certificate is INR 500/- only and it is only to collect the date of metals imported in India.

Can anybody informed us the rules or notification to import metal / copper under the High Seas Sale ?

Regards,

Ritesh Dave

AI Summary

High Sea Sale compliance: NFMIMS registration and declaration of the High Sea Sale price guide customs valuation and documentation.
High Sea Sale transactions in non ferrous metals require prior NFMIMS registration from DGFT by the importer and declaration of the actual High Sea Sale price as the customs transaction value. The customs value must include the High Sea Sale price plus freight, insurance and incidental charges; the buyer filing the bill of entry must produce the HSS invoice, bill of lading, sales agreements and NFMIMS registration number. If invoices are in domestic currency but registration requests foreign currency, the importer may enter a foreign currency equivalent or seek customs guidance, and registration should reflect the entity clearing the goods.