https://www.taxtmi.com/circulars?id=7501 Administrative procedure directs Customs to determine prima facie over valuation by comparing declared international prices with prevailing prices at application date and to refer suspect cases to a Screening Committee. The Committee will decide whether licences require scaling down of CIF entitlements, penal proceedings, or no action. Licensing authorities must implement approved reductions and limit scaling down to unutilised CIF balances where imports were partly or not made before the cut off; transferable licences require corrective steps or penal action if transferees refuse. en-us Wed, 22 Oct 1997 00:00:00 +0530 Sat, 12 Sep 2009 13:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=7501 Administrative procedure directs Customs to determine prima facie over valuation by comparing declared international prices with prevailing prices at application date and to refer suspect cases to a Screening Committee. The Committee will decide whether licences require scaling down of CIF entitlements, penal proceedings, or no action. Licensing authorities must implement approved reductions and limit scaling down to unutilised CIF balances where imports were partly or not made before the cut off; transferable licences require corrective steps or penal action if transferees refuse. Circulars DGFT Wed, 22 Oct 1997 00:00:00 +0530 https://www.taxtmi.com/circulars?id=7501