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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Customs Valuation Rules: New Provisions for Calculating Transport and Insurance Costs for Imported Goods under Rule 9.</h1> The Customs Valuation (Determination of Price of Imported Goods) Amendment Rules, 1990, modifies the 1988 rules under the Customs Act, 1962. Effective from its publication date, the amendment revises provisions in rule 9 regarding the calculation of transport and insurance costs for imported goods. If the transport cost is not ascertainable, it is set at 20% of the free on board (FOB) value. Insurance costs are set at 1.125% of the FOB value if not ascertainable. For air imports, transport costs cannot exceed 20% of the FOB value when ascertainable. Additional provisions address scenarios where the FOB value is not ascertainable.
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