2000 (1) TMI 355

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.... per : Lajja Ram, Member (T)]. - In this appeal filed by M/s. Sigma Indus., the matter relates to the valuation of the export goods for the purpose of duty entitlement pass book credit. The appellants had delcared the value of the exported socks as 0.9 US$ per pair FOB. It was found that the value declared was on the higher side and this mis-declaration was to avail a higher quantum of duty exe....

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....of the appellants and order in original passed by the Addl. Commissioner of Customs. For the DEPB credit FOB value of the export goods is an important criteria. PMV is guiding factor in cases where FOB is value so high that DEPB credit may exceed 50% of PMV. In that case DEPB credit is to be limited upto maximum of 50% of PMV. This provision of Public Notice as mentioned above does not permit to r....

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.... exchange earning efforts through increased exports, it is also duty bound to prevent misuse of export promotion schemes such as DEPB. It cannot be concluded that as per provisions relevant Public Notice you are allowed to inflate FOB value upto the extent where DEPB credit equals 50% of PMV and not above that. Valuation done by the contemporaneous exporters is to be kept in mind for the DEPB cred....