TaxTMI 
TaxTMI 
DEPB Scheme - Present Market Value (PMV) of Export Goods - Parameters for Verfication by Customs
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....ttention is invited to Circular No. 10/ 97-Cus dated 17th April, 1997 whereby detailed guidelines for operation of Duty Entitlement Pass-Book Scheme were issued. The said Circular provides for the exporters to declare in the Shipping Bill, the Serial No. of the export products in the Public Notice issued by the DGFT and the rate claimed. It was further provided that correctness of this declaration....
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....e present market value (PMV) of the export product. In order to ensure that this condition is properly implemented, exporters shall also be required to declare in the Shipping Bill filed under DEPB scheme the 'Present Market Value' of goods, which being inclusive of Excise duty, Sales Tax and other local Taxes is higher than the FOB price. The PMV should also therefore be higher than AR-4 price. A....
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....xamining officer finds that in view of the quality or condition of the goods prima-facie the PMV declared, or the f.o.b. price, is unduly high, the matter may be refered to the Asst. Commissioner (Export) along with sample of goods wherever possible. In such cases the PMV may be verified / determined through market enquiries, or by such process as the Asst. Commissioner (Customs) may direct. 5. ....