Circular No. 37/98-Customs
dated 20/5/1998
F.No. 605/205/97- DBK (Pt.)
Government of India
Ministry of Finance
Department of Revenue, New Delhi
A doubt had arisen regarding the relevant exchange rate for determining FOB value of Exports, for the purpose of calculation of DEPB entitlement of an exporter, since the DEPB entitlement is calculated as a percentage of the relevant FOB value.
2. The issue has been examined in the Board, and it has been decided that the relevant exchange rate for determining FOB value will be as laid down in para 7.38 of the Handbook of Procedures, Vol. I, pertaining to the Exim Policy 1997-2002 as amended upto 13.4.98.
Sd/-
(Sandeep Ahuja)
Under Secretary (Drawback)
