Court Upholds 100% Bank Guarantee for Importer Due to Alleged Undervaluation, Citing Section 18(1) and Circular No.38/2016.

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....Release of goods - undervaluation - Having received the findings from the SVB that the Petitioner is undervaluing its import from the related party and differential duty has been estimated at 67.49%, as per the provision of Section 18(1) of the Act read with Circular No.38/2016, bank guarantees to the tune of 100% were correctly insisted upon. There is no error, illegality or lack of power in the Respondents' action in insisting upon the bank guarantee with the loading of 67.49% of the invoice value relying on the investigative findings of SVB. - HC....