Admissibility of DEPB credit and Market verification for ascertaining the present market value under DEPB Scheme -reg

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....Revenue Sub: Admissibility of DEPB credit and Market verification for ascertaining the present market value under DEPB Scheme -reg.   Attention is invited to Board's Circulars No.26/2001-Cus dated 24.4.2001, 56/2002-Cus dated 9.9.2002 and 63/2002-Cus dated 27.9.2002. These circulars were issued in the wake of various cases of over-valuation under the DEPB scheme reported by the DRI and ....

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....arket verification, which results in delay in meeting the export commitments. Further, it has also been stated that in all those cases where the PMV declared is less than the FOB value, the DEPB benefit is being allowed only on the PMV. It has been argued by the export promotion bodies that high value added products are bound to have FOB values higher than the PMV and therefore, the principle of g....

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....on can also be initiated on receipt of intelligence or where the intelligence is gathered in respect of consignments entered for export to sensitive destinations and/or where the goods are  sub-standard and it appears that the acceptance of  the  declared value would  result in  accrual  of  substantial  unintended DEPB benefits. But all such cases should be....