Revised guidelines for determination /verification of the Present Market Value (PMV) under DEPB Scheme- Regarding

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....rification of the Present Market Value (PMV) under DEPB Scheme- Regarding. Attention is invited to Circular No 69/97- Cus. dated 08.12.97, as amended by Circular No. 79/98 Cus. dated 22.10.98. 2. A reference has been received from filed formations that under the provisions of the Customs Act, 1962, a period of 5 years has been provided for issue of Show Cause Notices in cases involving fraud....

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.... is deemed necessary. In such cases, para 7 of Circular No. 69/67-Cus. was never intended to be applicable. In such cases the consignment should be allowed provisional clearance and the shipping bills should also be assessed provisionally. Such shipping bills will not be entitled to DEPB scrip till the market inquiry is completed, and provisionally assessed shipping bills are finalised. Where t....